| Author: | 辛凡非 |
| Title: | 大股东在香港上市公司私有化过程中的角色 Da gu dong zai Xianggang shang shi gong si si you hua guo cheng zhong de jiao se |
| Other Title: | The role of majority shareholders in the privatization of listed companies in Hong Kong |
| Degree: | D.Mgt. |
| Year: | 2009 |
| Subject: | Hong Kong Polytechnic University -- Dissertations Corporations -- China -- Hong Kong Stockholders -- China -- Hong Kong |
| Department: | Graduate School of Business |
| Pages: | x, 104 leaves ; 30 cm. |
| Language: | Chinese |
| Abstract: | This thesis examines the 50 public-to-private companies in HK during 1997-2006 due to majority shareholder repurchase. In the United Kingdom and the United States, most of the companies are publicly held, a vast majority of the HK-listed companies have highly concentrated ownership. I examined the detenninants of the delisting probability. Then thesis analyzed the determinants of the undervaluation of the sample companies before delisting, the determinants of the acquisition premium, as well as the factors behind the benefits that the majority shareholder harvested through privatizing the target company. Finally, thesis found that the majority ownership is positively related to the delisting probability, the premium and the delisting benefits. I found the separation of control right and cash flow right is positively related to the delisting probability, while negatively related to the delisting benefits. I also found that related party transactions are negatively related to the delisting probability and the premium. An unexpected finding is that the dividend payout ratios by the sample companies in the year before going private were unusually high. The dividend payout ratio is positiveJy related to the delisting probability, the undervaluation, the premium and the delisting benefits. According to the findings of this paper, the majority shareholder could enjoy both security benefits and private benefits through its absolute control right. Before privatizing the target company, the majority shareholder could manage to lower the stock price and thus lower the acquisition costs through various manipulation and increasing dividend payments. After all these arrangements, the majority shareholder would get the company delisted and harvest the benefits. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| b2355499x.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 7.62 MB | Adobe PDF | View/Open |
Copyright Undertaking
As a bona fide Library user, I declare that:
- I will abide by the rules and legal ordinances governing copyright regarding the use of the Database.
- I will use the Database for the purpose of my research or private study only and not for circulation or further reproduction or any other purpose.
- I agree to indemnify and hold the University harmless from and against any loss, damage, cost, liability or expenses arising from copyright infringement or unauthorized usage.
By downloading any item(s) listed above, you acknowledge that you have read and understood the copyright undertaking as stated above, and agree to be bound by all of its terms.
Please use this identifier to cite or link to this item:
https://theses.lib.polyu.edu.hk/handle/200/5728