Causes and consequences of corporate asset exchanges by listed companies in China

doi:10.1016/j.iref.2014.02.004

CORC > 上海财经大学 > 上海财经大学

	Causes and consequences of corporate asset exchanges by listed companies in China
	Lou, Fang 1; Wang, Jiwei 2; Yuan, Hongqi 3
刊名	INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
	2014-05
卷号	31 页码:205-217
关键词	Asset exchange Tunneling Propping
ISSN号	1059-0560
DOI	10.1016/j.iref.2014.02.004
英文摘要	China's listed companies often exchange corporate assets with their parent companies. We find that listed companies that have been incompletely restructured from former state-owned enterprises and in sound financial condition tend to exchange higher quality assets for lower quality assets (i.e., tunneling). However, when there is a need to avoid reporting a loss and to raise additional capital, listed companies tend to exchange lower quality assets for higher quality assets (i.e., propping). We also find that the market reacts indifferently to asset exchange announcements. Finally, we find asset exchanges motivated by a tunneling (propping) incentive to be associated with poorer (improved) post-exchange stock performance and financial performance. In summary, this study contributes to the corporate asset literature by providing two new incentives: tunneling and propping. (C) 2014 Elsevier Inc. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000335203100017
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1760]
专题	上海财经大学
通讯作者	Wang, Jiwei
作者单位	1.Shanghai Univ Finance & Econ, Sch Econ, Shanghai, Peoples R China; 2.Singapore Management Univ, Sch Accountancy, Singapore 178902, Singapore; 3.Fudan Univ, Sch Management, Shanghai, Peoples R China
推荐引用方式 GB/T 7714	Lou, Fang,Wang, Jiwei,Yuan, Hongqi. Causes and consequences of corporate asset exchanges by listed companies in China[J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE,2014,31:205-217.
APA	Lou, Fang,Wang, Jiwei,&Yuan, Hongqi.(2014).Causes and consequences of corporate asset exchanges by listed companies in China.INTERNATIONAL REVIEW OF ECONOMICS & FINANCE,31,205-217.
MLA	Lou, Fang,et al."Causes and consequences of corporate asset exchanges by listed companies in China".INTERNATIONAL REVIEW OF ECONOMICS & FINANCE 31(2014):205-217.