A Removing Market Friction and Sharing the Gain: Evidence from the Split Share Structure Reform in C
2007/07/24
研討會日期 : 2007-07-24
時間 : 15:00
主講人 : Prof. Kai Li
地點 : B棟110室
演講者簡介 : Prof. Kai Li為PhD in Economics, University of Toronto (1996) 。
目前為Associate Professor, University of British Columbia。
其主要研究領域為International Finance, Empirical Corporate Finance, Empirical Asset Pricing, Applied Econometrics, Bayesian Econometrics, Health Economics
演講摘要 : This paper studies the split share structure reform in China. Prior to the reform, the domestic Ashares are divided into tradable and non-tradable shares with the same cash flow and voting rights. Under the reform, the holders of non-tradable shares negotiate with the holders of tradable shares in order to make their shares tradable. We develop a general equilibrium model to help understand the distribution of gains from the reform. We then use data from the reform to test the predictions from our model. Our model predicts: a) there is compensation made by the holders of non-tradable shares to the holders of tradable shares; and b) the size of the compensation is decreasing in the bargaining power of the holders of non-tradable shares, the fraction of tradable shares, and firm performance, and increasing in firm idiosyncratic risk. Our multivariate analyses are broadly consistent with the model predictions.
