1. NCCU Academic Hub
  2. 學術產出
  3. College of Commerce
  4. Periodical Articles
  5. Item

學術產出-Periodical Articles

Article View/Open

Publication Export

Google ScholarTM

政大圖書館

Citation Infomation

題名 Market Reactions to the Split-share Structure Reform and the Determinants of Compensation: Evidence from Chinese Listed Firms
作者 陳嬿如
Cheng, Li ; Jeng-Ren ; Chen, Yenn-Ru ; Lee, Bong Soo
貢獻者 財管系
日期 2012-04
上傳時間 22-Oct-2014 12:27:16 (UTC+8)
摘要 The split-share structure is a unique characteristic of corporate ownership in China, and is often linked to poor firm performance and inefficient corporate governance. In this paper, we investigate market reactions around several important event days during the process of the split-share structure reform (share reform) in Chinese listed firms. The market reacts differently to different events during the process. First, the market reacts positively to firms’ intention of implementing the share reform when the reform prospectus is disclosed and when the compensation is actually paid. Second, after the reform is actually implemented, the market reacts negatively when the expiration date of the lockup agreement is announced, because the restricted trading shares can be freely traded and thus share supply increases after the expiration date. In addition, the compensation paid to tradable shareholders by non-tradable shareholders is determined by the stock liquidity before the reform, the proportion of restricted trading shares, and the type of ultimate shareholders. We further find that the payment of compensation, the proportion of restricted shares after the share reform, and a time gap between suspension and resumption days are the main factors affecting the market reaction.
關聯 Asia-Pacific Journal of Financial Studies, 41:2, 194-223
資料類型 article
DOI http://dx.doi.org/10.1111/j.2041-6156.2012.01070.x
dc.contributor 財管系en_US
dc.creator (作者) 陳嬿如zh_TW
dc.creator (作者) Cheng, Li ; Jeng-Ren ; Chen, Yenn-Ru ; Lee, Bong Sooen_US
dc.date (日期) 2012-04en_US
dc.date.accessioned 22-Oct-2014 12:27:16 (UTC+8)-
dc.date.available 22-Oct-2014 12:27:16 (UTC+8)-
dc.date.issued (上傳時間) 22-Oct-2014 12:27:16 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/70696-
dc.description.abstract (摘要) The split-share structure is a unique characteristic of corporate ownership in China, and is often linked to poor firm performance and inefficient corporate governance. In this paper, we investigate market reactions around several important event days during the process of the split-share structure reform (share reform) in Chinese listed firms. The market reacts differently to different events during the process. First, the market reacts positively to firms’ intention of implementing the share reform when the reform prospectus is disclosed and when the compensation is actually paid. Second, after the reform is actually implemented, the market reacts negatively when the expiration date of the lockup agreement is announced, because the restricted trading shares can be freely traded and thus share supply increases after the expiration date. In addition, the compensation paid to tradable shareholders by non-tradable shareholders is determined by the stock liquidity before the reform, the proportion of restricted trading shares, and the type of ultimate shareholders. We further find that the payment of compensation, the proportion of restricted shares after the share reform, and a time gap between suspension and resumption days are the main factors affecting the market reaction.en_US
dc.format.extent 197 bytes-
dc.format.mimetype text/html-
dc.language.iso en_US-
dc.relation (關聯) Asia-Pacific Journal of Financial Studies, 41:2, 194-223en_US
dc.title (題名) Market Reactions to the Split-share Structure Reform and the Determinants of Compensation: Evidence from Chinese Listed Firmsen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1111/j.2041-6156.2012.01070.xen_US
dc.doi.uri (DOI) http://dx.doi.org/10.1111/j.2041-6156.2012.01070.x en_US