Corruption in Chinese Privatizations

被引：37

作者：

Fisman, Raymond ^{[1
]}

Wang, Yongxiang ^{[2
]}

机构：

[1] Columbia Univ, Columbia Business Sch, Uris 605B, New York, NY 10025 USA

[2] Univ So Calif, Marshall Sch Business, Finance & Business Econ Dept, Los Angeles, CA 90089 USA

来源：

JOURNAL OF LAW ECONOMICS & ORGANIZATION | 2015年 / 31卷 / 01期

关键词：

CORPORATE GOVERNANCE; OWNERSHIP; PERFORMANCE; FINANCE; MARKET; STOCK; STATE;

D O I：

10.1093/jleo/ewu003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We document evidence of corruption in Chinese state asset sales. These sales involved stakes in partially privatized firms, providing a benchmark-the price of publicly traded shares-to measure underpricing. Underpricing is correlated with deal attributes associated with misgovernance and corruption. Sales by "disguised" owners that misrepresent their state ownership to elude regulatory scrutiny are discounted 5-7 percentage points more than sales by other owners; related party transactions are similarly discounted. Analysis of subsequent operating performance provides suggestive evidence that aggregate ownership transfers improve profitability, though not in cases where the transfers themselves were corrupted.

引用

页码：1 / 29

页数：29

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