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    Empirical study on the relationship among government holding, asset injection and listed companies performance : evidence from China securities market

    Zhang, Tao; Huang, Hedy Jiaying; Hooper, Keith

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    Zhang, Huang & Hooper 2014 cropped.pdf (609.8Kb)
    Date
    2014
    Citation:
    Zhang, T., Huang, J., and Hooper, K. (2014). Empirical study on the relationship among government holding, asset injection and listed companies performance – Evidence from China securities market,. Corporate Ownership & Control Journal, 12(1), pp.169-179
    Permanent link to Research Bank record:
    https://hdl.handle.net/10652/2898
    Abstract
    This paper aims to investigate the private placement of equity (PPE) by asset injection in China. It analyzes the influence to shareholders’ wealth and performance in the state-holding listed companies and private-holding listed companies. The key findings of this paper are the shareholders’ wealth and performance increased in the short-term, but decreased in long-term after announcement of asset injection by major shareholders. After asset injection, the state-holding listed companies experience larger decline in the long-term shareholders wealth and performance than private-holding listed companies.
    Keywords:
    asset injection, international corporate governance, private placement of equity, shareholders’ wealth, tunnelling, related party transactions, China securities market
    ANZSRC Field of Research:
    150104 International Accounting
    Copyright Holder:
    Virtus Interpress
    Rights:
    This digital work is protected by copyright. It may be consulted by you, provided you comply with the provisions of the Act and the following conditions of use: Any use you make of these documents or images must be for research or private study purposes only, and you may not make them available to any other person. You will recognise the author's and publishers rights and give due acknowledgement where appropriate.
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