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Article: The financial and operating performance of China's newly listed H-firms

TitleThe financial and operating performance of China's newly listed H-firms
Authors
KeywordsChina
Hong Kong stock market
IPO
Share issue privatization (SIP)
State-owned enterprises (SOEs)
Issue Date2005
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/pacfin
Citation
Pacific Basin Finance Journal, 2005, v. 13 n. 1, p. 53-80 How to Cite?
AbstractThis study compares pre- and post-listing financial and operating performance for a complete sample of H-firms that are incorporated in Mainland China and listed in Hong Kong between 1993 and 2000. Theoretically, there are two major opposing influences on the performance change of these newly listed firms: negative initial public offering (IPO) effect and positive privatization effect. Our major findings are: (1) the IPO effect dominates the privatization effect, so that the H-firms experienced a significant decrease in profitability and operating efficiency after listing, and (2) the performance of a control sample of newly listed private firms declined more than that of the H-firms, probably because the positive privatization effect somewhat offset the negative IPO effect for the H-firms. This paper is the first to document the positive effect of privatization in oversea listed Chinese companies. © 2004 Elsevier B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/85667
ISSN
2015 Impact Factor: 0.938
2015 SCImago Journal Rankings: 0.541
SSRN
References

 

DC FieldValueLanguage
dc.contributor.authorHuang, Gen_HK
dc.contributor.authorSong, FMen_HK
dc.date.accessioned2010-09-06T09:07:48Z-
dc.date.available2010-09-06T09:07:48Z-
dc.date.issued2005en_HK
dc.identifier.citationPacific Basin Finance Journal, 2005, v. 13 n. 1, p. 53-80en_HK
dc.identifier.issn0927-538Xen_HK
dc.identifier.urihttp://hdl.handle.net/10722/85667-
dc.description.abstractThis study compares pre- and post-listing financial and operating performance for a complete sample of H-firms that are incorporated in Mainland China and listed in Hong Kong between 1993 and 2000. Theoretically, there are two major opposing influences on the performance change of these newly listed firms: negative initial public offering (IPO) effect and positive privatization effect. Our major findings are: (1) the IPO effect dominates the privatization effect, so that the H-firms experienced a significant decrease in profitability and operating efficiency after listing, and (2) the performance of a control sample of newly listed private firms declined more than that of the H-firms, probably because the positive privatization effect somewhat offset the negative IPO effect for the H-firms. This paper is the first to document the positive effect of privatization in oversea listed Chinese companies. © 2004 Elsevier B.V. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/pacfinen_HK
dc.relation.ispartofPacific Basin Finance Journalen_HK
dc.rightsPacific-Basin Finance Journal. Copyright © Elsevier BV.en_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectChinaen_HK
dc.subjectHong Kong stock marketen_HK
dc.subjectIPOen_HK
dc.subjectShare issue privatization (SIP)en_HK
dc.subjectState-owned enterprises (SOEs)en_HK
dc.titleThe financial and operating performance of China's newly listed H-firmsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0927-538X&volume=13&spage=53&epage=80&date=2005&atitle=The+Financial+and+Operating+Performance+of+China%27s+Newly+Listed+H-Firmsen_HK
dc.identifier.emailSong, FM: fmsong@hkucc.hku.hken_HK
dc.identifier.authoritySong, FM=rp01095en_HK
dc.description.naturepostprint-
dc.identifier.doi10.1016/j.pacfin.2004.05.001en_HK
dc.identifier.scopuseid_2-s2.0-11144271525en_HK
dc.identifier.hkuros112626en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-11144271525&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume13en_HK
dc.identifier.issue1en_HK
dc.identifier.spage53en_HK
dc.identifier.epage80en_HK
dc.publisher.placeNetherlandsen_HK
dc.identifier.ssrn320061-
dc.identifier.scopusauthoridHuang, G=12759935600en_HK
dc.identifier.scopusauthoridSong, FM=7203075605en_HK

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