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| Split-share Reform, State Ownership and Performance of Chinese Public Firms: An Empirical Investigation |
| LIN Wanchuan, WANG Hui, HAN Tao
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Guanghua School of Management, Peking University;
School of Economics and Management, Tilburg University |
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Abstract Using panel data of Chinese listed firms from 2002 to 2011 and applying the Difference-in-Difference (DID) method, this paper first studies how split-share reform differently affects the state ownership among firms in strategic and non-strategic industries. Furthermore, split-share reform, as an exogenous policy change, justifies the use of Instrument Variable (IV) method, which helps to build the causal relationship between state ownership and firm performance. The empirical result shows that, the decrease in state ownership of firms in the non-strategic industries is significantly larger than their counterpart in strategic industries. More importantly, the decline of state ownership is significantly and positively associated with increased profitability and market valuation. This paper confirms the positive effect of split-share reform on improving corporate governance and firm efficiency, which provides empirical evidence for the assessment of relevant policies.
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Received: 14 May 2014
Published: 01 January 1900
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