Institutional Environment, Blockholder Characteristics and Ownership Concentration in China

作     者：Xingqiang Du Zongfeng Xiu 

作者机构：Management School Xiamen University Business School Central South University 

出 版 物：《China Journal of Accounting Research》 (中国会计学刊（英文版）)

年 卷 期：2009年第2卷第2期

页      面：27-57页

学科分类：12[管理学] 02[经济学] 0202[经济学-应用经济学] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 020204[经济学-金融学（含∶保险学）] 

基　　金：funded by grants from Key Projects of Key Research Institute of Humanities and Social Science of Ministry of Education(2009JJD790040) the National Social Science Foundation of China(No07CJY010) 

主　　题：Institutional environment Ownership structure Local governments Blockholder 

摘      要：Using a sample of China’s A-share listed companies for the period 2001-2004,this paper investigates the influence of institutional environment variables,including the process of marketization,level of local government intervention,and local legal environment,on blockholder characteristics and ownership concentration,and the relation between the endogeneity of ownership structure and institutional *** results indicate that the effects of these variables on ownership concentration are(1)positive for listed companies controlled by state asset management bureaus affiliated with local governments,(2)negative for listed companies controlled by state-owned enterprises affiliated with local governments and(3)unclear for listed private *** variables also positively affect the degree of privatization of listed companies in China.