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Impact on Agency Problems of China's Reform of the Split-Share Structure

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  • Tzu-Yun Tseng

Abstract

China's unique split-share structure has resulted in serious agency problems. Moreover, the literature has shown that free cash flow and overinvestment problems are common in China's listed firms. This paper investigates the impact of the split-share structure reform on agency problems. The paper finds a decrease in investment-cash flow sensitivity after the reform of the split-share structure, which is evidence for a decrease in agency problems in China's listed firms after this reform. The result implies that the split-share structure reform has eased the agency problems in China's listed firms.

Suggested Citation

  • Tzu-Yun Tseng, 2012. "Impact on Agency Problems of China's Reform of the Split-Share Structure," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 48(S3), pages 35-44, September.
    • Handle: RePEc:mes:emfitr:v:48:y:2012:i:s3:p:35-44
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    Cited by:

    1. Luo, Yan & Ren, Jinjuan & Wang, Yizhi, 2015. "Misvaluation comovement, market efficiency and the cross-section of stock returns: Evidence from China," Economic Systems, Elsevier, vol. 39(3), pages 390-412.

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