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State shareholding and the value of Chinese firms



Publishing details

Publication Year



Examining the ultimate ownership and control of 826 corporations listed on China's stock market, this paper argues that the government shareholder in control is the main feature of these Chinese firms. With the panel dataset of five years, it was found that firms under the control of the government shareholder are valued lower than the comparable firms under the control of a non-government shareholder, but the continuos relationship between state shareholding and corporate value is non-monotonic. Corporate value is lower with a larger stake of government ownership when the government is a small shareholder, but it increases with increased state shareholding when the government is a large shareholder. The paper interprets it with the grabbing and helping hands of the government shareholder.

Publication Research Centre

Institute of Finance and Accounting

Series Number

FIN 319


IFA Working Paper

Available on ECCH


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