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Article: Which Firms went Public in China? A Study of Financial Market Regulation

TitleWhich Firms went Public in China? A Study of Financial Market Regulation
Authors
KeywordsAsia
China
financial market regulation
IPO firm screening
regional competition
regulatory decentralization
Issue Date2009
PublisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/worlddev
Citation
World Development, 2009, v. 37 n. 4, p. 812-824 How to Cite?
AbstractPlagued by a notoriously weak legal system, China has developed an alternative governance system based on de facto regulatory decentralization in its financial market development, in which regional governments are responsible for selecting state-owned enterprises (SOEs) to go public. The effect of this regulatory system has been highly controversial but evidence is very scant in the literature. This paper shows that regional governments tended to choose better-performing SOEs in the pre-listing stage to go public, and thus substantial stock market investment funds were channeled into potentially productive companies. China's experience demonstrates that administrative governance of capital markets may have been instrumental in jump starting capital markets in the absence of adequate market-supporting legal institutions. © 2009 Elsevier Ltd. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/60184
ISSN
2015 Impact Factor: 2.438
2015 SCImago Journal Rankings: 2.100
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorDu, Jen_HK
dc.contributor.authorXu, Cen_HK
dc.date.accessioned2010-05-31T04:05:25Z-
dc.date.available2010-05-31T04:05:25Z-
dc.date.issued2009en_HK
dc.identifier.citationWorld Development, 2009, v. 37 n. 4, p. 812-824en_HK
dc.identifier.issn0305-750Xen_HK
dc.identifier.urihttp://hdl.handle.net/10722/60184-
dc.description.abstractPlagued by a notoriously weak legal system, China has developed an alternative governance system based on de facto regulatory decentralization in its financial market development, in which regional governments are responsible for selecting state-owned enterprises (SOEs) to go public. The effect of this regulatory system has been highly controversial but evidence is very scant in the literature. This paper shows that regional governments tended to choose better-performing SOEs in the pre-listing stage to go public, and thus substantial stock market investment funds were channeled into potentially productive companies. China's experience demonstrates that administrative governance of capital markets may have been instrumental in jump starting capital markets in the absence of adequate market-supporting legal institutions. © 2009 Elsevier Ltd. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/worlddeven_HK
dc.relation.ispartofWorld Developmenten_HK
dc.subjectAsiaen_HK
dc.subjectChinaen_HK
dc.subjectfinancial market regulationen_HK
dc.subjectIPO firm screeningen_HK
dc.subjectregional competitionen_HK
dc.subjectregulatory decentralizationen_HK
dc.titleWhich Firms went Public in China? A Study of Financial Market Regulationen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0305-750X&volume=4&issue=37&spage=812&epage=824&date=2009&atitle=Which+firms+went+public+in+China?+A+study+of+financial+market+regulationen_HK
dc.identifier.emailXu, C: cgxu@hku.hken_HK
dc.identifier.authorityXu, C=rp01118en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.worlddev.2008.07.012en_HK
dc.identifier.scopuseid_2-s2.0-61849135403en_HK
dc.identifier.hkuros167265en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-61849135403&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume37en_HK
dc.identifier.issue4en_HK
dc.identifier.spage812en_HK
dc.identifier.epage824en_HK
dc.identifier.isiWOS:000264992800006-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridDu, J=8850784100en_HK
dc.identifier.scopusauthoridXu, C=23020300700en_HK
dc.identifier.citeulike4843678-

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