Corporate Control and Enterprise Reform in China An Econometric Anal

This study sheds light on the efficiency of corporate control allocation in Chinese listed firms. Using a panel data set for the period 1996 to 2006, it examines the frequency, causes and consequences of changes in corporate control. The results indicate

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Contributions to Economics www.springer.com/series/1262 Further volumes of this series can be found at our homepage. Renato Giannetti/Michelangelo Vasta (Eds.) Evolution of Italian Enterprises in the 20th Century 2006. ISBN 978-3-7908-1711-9 Ralph Setzer The Politics of Exchange Rates in Developing Countries 2006. ISBN 978-3-7908-1715-7 Dora Borbély Trade Specialization in the Enlarged European Union 2006. ISBN 978-3-7908-1704-1 Iris A. Hauswirth Effective and Efficient Organisations? 2006. ISBN 978-3-7908-1730-0

Christian H. Fahrholz New Political Economy of Exchange Rate Policies and the Enlargement of the Eurozone 2006. ISBN 978-3-7908-1761-4 Sandra Gruescu Population Ageing and Economic Growth 2007. ISBN 978-3-7908-1905-2 Patrick S. Renz Project Governance 2007. ISBN 978-3-7908-1926-7 Christian Schabbel The Value Chain of Foreign Aid 2007. ISBN 978-3-7908-1931-1 Martina Eckardt Insurance Intermediation 2007. ISBN 978-3-7908-1939-7

Marco Neuhaus The Impact of FDI on Economic Growth 2006. ISBN 978-3-7908-1734-8

George M. Korres (Ed.) Regionalisation, Growth, and Economic Integration 2007. ISBN 978-3-7908-1924-3

Nicola Jentzsch The Economics and Regulation of Financial Privacy 2006. ISBN 978-3-7908-1737-9

Kerstin Groß Equity Ownership and Performance 2007. ISBN 978-3-7908-1933-5

Klaus Winkler Negotiations with Asymmetrical Distribution of Power 2006. ISBN 978-3-7908-1743-0 Sasha Tsenkova, Zorica Nedovi´c-Budi´c (Eds.) The Urban Mosaic of Post-Socialist Europe 2006. ISBN 978-3-7908-1726-3 Brigitte Preissl/Jürgen Müller (Eds.) Governance of Communication Networks 2006. ISBN 978-3-7908-1745-4 Lei Delsen/Derek Bosworth/Hermann Groß/ Rafael Muñoz de Bustillo y Llorente (Eds.) Operating Hours and Working Times 2006. ISBN 978-3-7908-1759-1 Pablo Coto-Millán; Vicente Inglada (Eds.) Essays on Transport Economics 2006. ISBN 978-3-7908-1764-5

Ulrike Neyer The Design of the Eurosystem’s Monetary Policy Instruments 2007. ISBN 978-3-7908-1977-9 Christian Roland Banking Sector Liberalization in India 2008. ISBN 978-3-7908-1981-6 Nicole Brunhart Individual Financial Planning for Retirement 2008. ISBN 978-3-7908-1997-7 Bas van Aarle/Klaus Weyerstrass (Eds.) Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area 2008. ISBN 978-3-7908-1969-4 Karin Luger Chinese Railways 2008. ISBN 978-3-7908-2001-0 Christina Keinert Corporate Social Responsibility as an International Strategy 2008. ISBN 978-3-7908-2023-2

Christian Büchelhofer

Corporate Control and Enterprise Reform in China An Econometric Analysis of Block Share Trades

Physica-Verlag A Springer Company

Series Editors Werner A. Müller Martina Bihn Author Christian Büchelhofer [email protected]

ISBN 978-3-7908-2019-5

e-ISBN 978-3-7908-2020-1

DOI 10.1007/978-3-7908-2020-1 Contributions to Economics ISSN 1431-1933 Library of Congress Control Number: 2007940711 © 2008 Physica-Verlag Heidelberg zzgl. Diss., Univ. München, 2007 This work is subject to copyright. All rights are reserved, whether the whole or part of the material