Long, Frank Fu and He, Yan, Partial Privatization of Listed Chinese Companies: Revelations by Literature Survey and Analyses (April 20, 2015). Available for download at SSRN: http://ssrn.com/abstract=2596908

“We survey and analyze the existing literature about private vs. government ownership of listed Chinese companies in seven areas (corporate governance, M&As and other corporate transactions, IPOs and SEOs, market prices and valuations, corporate profitability and efficiency, corporate financial decisions, and accounting issues). Our study shows positive (31), negative (19), and other (35) results about financial effects of private (vis-à-vis government) stock ownership. Thus, privatization per se may not definitely bring about effective corporate financial management.”