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Opportunistic Restructuring and Regulation Rigidity

Chen Xinyuan,Ye Pengfei,Chen Donghua (Shanghai University of Finance and Economics,University of Wisconsin)  
Using 1202 restructuring samples of companies listed in Shanghai Stock Exchange, this paper intends to explore the relation between restructuring and government regulation. We find that the regulator sticks to ROE, which was set up during the period of economy overheat, to regulate firm-level SEO activities, although the real economy growth has decreased a lot during late 1990s. The rigidity of regulation motivates listed companies to restructure opportunistically. Our findings can be viewed as new evidence against “substituting regulation”.
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