Use this URL to cite or link to this record in EThOS:
Title: Government, governance and finance : some corporate finance issues in China's emerging stock market
Author: Tian, Lihui
ISNI:       0000 0001 3533 2361
Awarding Body: University of London: London Business School
Current Institution: London Business School (University of London)
Date of Award: 2003
Availability of Full Text:
Access from EThOS:
Access from Institution:
This thesis documents the ownership and control, capital structures and initial public offerings of China's modem firms listed on its burgeoning stock market. I find that there is a U-shaped relation with a higher left end between the values of firms and the sizes of government shareholdings; managerial agency costs increase with the sizes of bank loans; and that governmental interests-centred financial regulations and China-specific investments risks bring about China's IPO under-pricing as severe as 267%. Three main findings show the profound impacts of the government on corporate governance and financial development. There are two hands of the government influencing the firms: a grabbing hand and a helping hand. The Chinese government is intelligent and sophisticated, but some social elites - both the managers and the bureaucrats -benefit from the widespread businesses of the government at the expense of corporate wealth.
Supervisor: Estrin, Saul ; Franks, Julian Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
Keywords: Financial markets ; Development economics ; China