Download or read book 2 ESSAYS ON CHINESE LISTED COM written by Guihai Huang and published by Open Dissertation Press. This book was released on 2017-01-27 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Two Essays on Chinese Listed Companies" by Guihai, Huang, 黃貴海, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of thesis entitled Two Essays on Chinese Listed Companies Submitted by HUANG Guihai for the Degree of Doctor of Philosophy at The University of Hong Kong in August 2002 This thesis consists of two essays: "The Financial and Operating Performance of China's Newly Listed H-Firms" and "The Capital Structure of Chinese Listed Companies." The first essay compares, with the use of accounting data, the pre- and post-going-public financial and operating performance for the complete sample of the H-firms that have been incorporated in mainland China and listed in Hong Kong. Theoretically, there are two major opposing influences on the performance change of these newly listed firms: the negative IPO effect and the positive privatization effect. The major findings are: (1) the IPO effect dominates the privatization effect, so that the H-firms experienced a significant decrease in profitability and operating efficiency after going public, and (2) the performance of a control sample of newly listed private firms declined more than that of the H-firms, probably because the positive privatization effect somewhat offset the negative IPO effect for the H-firms. This study is the first to document the positive effect of revenue privatization in listed Chinese companies. The second essay employs a new database, which contains the market and accounting data from more than 1000 Chinese listed companies up to the year 2000, to document the characteristics of these firms with respect to capital structure. As in other countries, leverage in Chinese firms increases with firm size, nondebt tax shields, and fixed assets, decreases with increasing profitability, and correlates with industries. We also find that ownership structure affects leverage. In contrast with those in other countries, leverage in Chinese firms increases with volatility, and firms tend to have much lower long-term debt. The static tradeoff model seems better than the pecking order hypothesis in explaining the features of capital structure for Chinese listed companies. DOI: 10.5353/th_b3014768 Subjects: Corporations - China - Finance Corporate profits - China