NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Shih Hui-Tzu

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NBER Working Papers and Publications

January 2004Initial Public Offering and Corporate Governance in China's Transitional Economy
with Chen Chien-Hsun
in Governance, Regulation, and Privatization in the Asia-Pacific Region, NBER East Asia Seminar on Economics, Volume 12, Takatoshi Ito and Anne O. Krueger, editors
March 2003Initial Public Offering and Corporate Governance in China's Transitional Economy
with Chen-Chien Hsun: w9574
This paper empirically investigates the performance of Chinese initial public offerings (IPOs). The data used covers the period from mid-1995 to mid-1999 with the sample including 884 companies (both in the A- and B-share markets). In an examination of growth, profitability and stability of listed companies either individually or as a combination, it can be seen that the only industries in which listed companies in China display strong performance are public utilities, transportation and finance. If one examines the changes in listed companies' financial indicators following the IPO, it becomes apparent that with the exception of earnings related indicators (EPS and ROE) there are no significant changes. What's more, the financial indicators tend to fall rapidly year on year. This means ...

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