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《Economic Research Journal》 2003-04
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The Ultimate Ownership and Its Shareholding Structures:Does It Matter for Corporate Performance?

Liu Shaojia,Sun Pei & Liu Naiquan (Brunel University,UK)(Cambridge University)(Shanghai Economic & Finance University)  
Does the class of shareholdings matter for corporate performance?According to the principle of ultimate ownership,our paper found that at present the shareholding structure of Chinese quoted companies is state-dominant in that 84% of public companies are ultimately controlled by the state,compared with 16% of non-state-controlled ones.In contrast to our identified shareholdings,the Chinese official shareholding record only reports the state and the legal person share classes that are inevitably ambiguous for the identification of ultimate owners of public corporations,which in turn has misled many previous studies in assessing the impact of shareholding classes on performance.Based on our newly established shareholding classes,we make a nested performance comparison between these different classes,such as the state direct control versus the state indirect control,and find significant evidence from the Chinese data that the class of shareholdings does matter for company performance.
【Fund】: 上海财经大学“创值课题研究项目”的部分成果
【CateGory Index】: F270
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