The financial and operating performance of newly privatized firms : an empirical analysis of "H" share companies listed in the Stock Exchange of Hong Kong

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The financial and operating performance of newly privatized firms : an empirical analysis of "H" share companies listed in the Stock Exchange of Hong Kong

 

Author: Kwan, Ka-fai
Title: The financial and operating performance of newly privatized firms : an empirical analysis of "H" share companies listed in the Stock Exchange of Hong Kong
Degree: M.B.A.
Year: 1995
Subject: Corporations -- China
Business enterprises -- China
Securities -- Listing -- China -- Hong Kong
Hong Kong Polytechnic University -- Dissertations
Department: Dept. of Management
Pages: vi, 97 leaves ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1555464
URI: http://theses.lib.polyu.edu.hk/handle/200/2782
Abstract: Many theoretical and empirical studies, for instance, the current research studies of William L. Megginson (1994) and Maxim Boycko (1993) suggested that the financial performance and operating efficiency of the newly privatized state-owned firms would outperform after being privatized. The post-privatized firms are observed to improve performance as the release of cash flow rights and control rights from the central government. To examine the validity of this findings in the local context, 6 "H" share companies listed in the Stock Exchange of Hong Kong through initial public offerings are selected for analysis. The analytical framework is similar with William L. Megginson's research study and adopts minor adjustment. This research concentrates on the effects on privatization and focus on the measurement of the increase of profitability; the improvement of operating efficiency; the reduction of leverage level; the increase of liquidity level and finally, the increase of dividend ratio. The finding of this research, except the portion of improvement of operating efficiency and the increment of dividend payout, are consistence with the previous findings.

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