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Ownership Pluralization,Firm Performance and Industry Competition

Chen Xiao & Jiang Dong  
This study examines the impact of ownership structure on the relative performance of listed firms in China.After controlling factors such as industry,firm size and macroeconomic conditions,using data from three industries,namely electronics,commerce and utilities,our regression analysis and hypothesis testing reveal that legal person shares and trading shares have positive effects on firm performance while state ownership has a negative impact.However,this is true only in the competitive electronics industry,and does not hold in less competitive commerce and utility industries.The policy implication of those research findings is that,in order to improve corporate governance of SOEs,pluralization of ownership through listing on stock markets is definitely a right way to go.However,to make this approach effective,a highly competitive environment for those SOEs needs to be created in the first place.
【CateGory Index】: F276.6
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