A survey of enterprise reforms in China: The way forward

Hovey, Martin; Naughton, Tony

doi:10.1016/j.ecosys.2006.09.001

Cited by 26 publications

(10 citation statements)

References 63 publications

(57 reference statements)

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“…In China, all SOEs that go public are partially privatised so that the state maintains control. The state still owns the majority of outstanding shares of SOEs after IPOs (Hovey and Naughton, 2007). Those facts suggest that all SOEs are politically connected.…”

Section: Univariate Analysesmentioning

confidence: 96%

Political connections and the long-term stock performance of Chinese IPOs

Liu

Uchida

Gao

2012

Journal of International Financial Markets, Institutions and Mo

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Section: Univariate Analysesmentioning

confidence: 96%

Political connections and the long-term stock performance of Chinese IPOs

Liu

Uchida

Gao

2012

Journal of International Financial Markets, Institutions and Mo

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“…In fact, being state owned decreases firms’ chances of becoming exporters. It has been widely reported that China's SOEs are less efficient and less productive, but at the same time, they might have access to some local advantages such as easy bank loans from the state‐owned banks (Hovey and Naughton, ). Such institutional advantages and policy support might help SOEs overcome some of the market entry costs, if not productivity per se .…”

Section: Some Sensitivity Analysesmentioning

confidence: 99%

Productivity and Firms’ Sales Destination: Chinese Characteristics

Bao

Huang

Wang

2015

Rev International Economics

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In the trade literature, it is often assumed that there is little or no trade cost within a country's borders, but large trade costs across a country's borders. Thus, productive firms self-select into exporters and the less productive firms can only serve domestic consumers. This paper presents a similar but different case in China, whose domestic markets are segmented by provincial borders mainly owing to the various (hidden) protective measures favoring local firms. These discriminative measures are de facto trade barriers. It applies the heterogeneous trade theory to examine the effects of firms' productivity on their sales choices in both the international and domestic markets, in the presence of intra-national and international trade costs. We find that productive firms not only self-select into exporters, but also into sales in other provincial markets. This pattern is sensitive to firms' locations and ownerships. For foreign direct investment (FDI)controlled firms, increases in productivity are associated with a higher probability of selling into other provincial markets, rather than into international ones. Productivity increases for firms operating in the inland area exhibit different patterns than those in the Eastern area.

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“…Mainland Chinese firms are able to issue two types of stock, namely A-shares and B-shares, Therefore, with the decreased necessity of market segmentation, it is doubtful whether there is a reason for the B-share market to continue to exist (Hovey and Naughton, 2007).…”

Section: Market Structure Of Mainland Chinese Exchangesmentioning

confidence: 99%

The geography of equity listing and financial centre competition in mainland China and Hong Kong

Karreman¹,

Knaap²

2012

Journal of Economic Geography

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This study examines the changing competitiveness of financial centres in mainland China and Hong Kong based on the geography of equity listing of mainland Chinese firms. Pre-listing firm characteristics are used to explore firms' motives for listing on a particular exchange and whether these motives have changed over time. The results show that Hong Kong's prominence as an international financial centre is attracting the largest and, recently, also the best performing mainland Chinese state-owned enterprises to go public. Less differentiation exists between the competitiveness of Shanghai and Shenzhen, although the renewed strategy of the Shenzhen stock exchange to attract smaller firms appears to be successful.

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A survey of enterprise reforms in China: The way forward

Cited by 26 publications

References 63 publications

Political connections and the long-term stock performance of Chinese IPOs

Political connections and the long-term stock performance of Chinese IPOs

Productivity and Firms’ Sales Destination: Chinese Characteristics

The geography of equity listing and financial centre competition in mainland China and Hong Kong

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