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Separation of Control and Cash-Flow Rights of State Owned Listed Enterprises: Channels of Expropriation after the Discriminated Share Reform in China
https://doi.org/10.20561/00037941
https://doi.org/10.20561/000379416ca25b22-9897-442d-bb82-3906fe68ec88
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
本文 (178.1 kB)
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| Item type | アジ研テクニカルレポート / IDE Technical Report(1) | |||||
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| 公開日 | 2010-03-09 | |||||
| タイトル | ||||||
| タイトル | Separation of Control and Cash-Flow Rights of State Owned Listed Enterprises: Channels of Expropriation after the Discriminated Share Reform in China | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
| 資源タイプ | technical report | |||||
| ID登録 | ||||||
| ID登録 | 10.20561/00037941 | |||||
| ID登録タイプ | JaLC | |||||
| 著者 |
Watanabe, Mariko
× Watanabe, Mariko |
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| 著者別名 | ||||||
| 渡邉, 真理子 | ||||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | Literature on agency problems arising between controlling and minority owners claim that separation of cash flow and control rights allows controllers to expropriate listed firms, and further that separation emerges when dual class shares or pyramiding corporate structures exist. Dual class share and pyramiding coexisted in listed companies of China until discriminated share reform was implemented in 2005. This paper presents a model of controller to expropriate behavior as well as empirical tests of expropriation via particular accounting items and pyramiding generated expropriation. Results show that expropriation is apparent for state controlled listed companies. While reforms have weakened the power to expropriate, separation remains and still generates expropriation. Size of expropriation is estimated to be 7 to 8 per cent of total asset at mean. If the "one share, one vote" principle were to be realized, asset inflation could be reduced by 13 percent. | |||||
| 権利 | ||||||
| 権利情報 | Copyrights 日本貿易振興機構（ジェトロ）アジア経済研究所 / Institute of Developing Economies, Japan External Trade Organization (IDE-JETRO) http://www.ide.go.jp | |||||
| 収録情報 |
IDE Discussion Paper en : IDE Discussion Paper 巻 224, 発行日 2010-06-01 |
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| 出版者 | ||||||
| 出版者 | Institute of Developing Economies (IDE-JETRO) | |||||
| 著者版フラグ | ||||||
| 出版タイプ | VoR | |||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 335.7 | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:G32 - Financing Policy; Capital and Ownership Structure | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:G34 - Mergers; Acquisitions; Restructuring; Corporate Governance | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:K22 - Corporation and Securities Law | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:O31 - Innovation and Invention: Processes and Incentives | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:P34 - Financial Economics | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:P31 - Socialist Enterprises and Their Transitions | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | China | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Government Enterprises | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Corporate Governance | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Concentrated Owner | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Expropriation | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | State Owned enterprises | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| DIG_NO | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | IDP000224_001 | |||||
