Causes and Consequences of Corporate Assets Exchange by China’s Listed Companies

• Main Authors: WANG, Jiwei, Yuan, Hongqi
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2010
• 主題: Assets exchange; Tunneling; Propping; China; Accounting; Asian Studies; Business Law, Public Responsibility, and Ethics; Corporate Finance
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/789; http://efmaefm.org/0EFMSYMPOSIUM/Renmin-2011/papers/Wang.pdf

China’s listed companies often exchange corporate assets with their unlisted affiliates such as parent companies, which is rarely observed in their American counterparts. We find that listed companies which are incompletely restructured from former state-owned enterprises tend to exchange more profi...