Wang: Ownership Concentration and Corporate Control in Chinese Listed Companies

ABSTRACT:

This paper investigates the ownership concentration and corporate control of Chinese listed companies in the period of 2003-2011. The purpose is to examine the practical effect of the share structure split reform in 2005 and explore the actual outcome of the reduction of state shares of Chinese listed companies. Specifically, ownership structure, shareholding concentration, shareholder identification and corporate control pattern are identified to serve for this purpose. Statistics, calculated on data from the CSMAR database, are used to elucidate and support the investigation. The evidence presented in this paper shows that state shares, though greatly reduced in the reform, have still been the main types of shares in the mainstream of Chinese listed companies. This suggests that the ownership concentration and corporate control of Chinese listed companies have not been fundamentally changed even years after the reform.

 

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