參考文獻 |
Allen, F., Qian, J. and Qian, M., Law, finance and economic growth in China, Journal of Financial Economics, 77, 57-116, 2005
Alaman, A., Hartzell, J.C. and Starks, L.T., Active institutional shareholders and costs of monitoring: Evidence from executive compensation, Financial Management, 34, 5-34, 2005.
Attig, N., Guedhami, O. and Mishra, D., Multiple large shareholders, control contests, and implied cost of equity, Journal of Corporate Finance, 14, 721-737, 2008.
Attig, N., Ghoul, S.E. and Guedhami, O., Do multiple large shareholders play a corporate governance role? Evidence from East Asia, Journal of Financial Research, 4, 395-422, 2009.
Attig, N., Cleary, S., Ghoul, S.E. and Guedhami, O., Institutional investment horizon and investment-cash flow sensitivity, Journal of Banking & Finance, 36, 1164-1180, 2012.
Bai, C.E., Liu, Q., Lu, J., Song, F.M. and Zhang, J., Corporate governance and market valuation in China, Journal of Comparative Economics, 32, 599-616, 2004.
Bailey, W., Huang, W. and Yang, Z., Bank loan with Chinese characteristics: Some evidence on inside debt in a state-controlled banking system, Journal of Financial and Quantitative Analysis, 46, 1795-1830, 2011.
Bardhan, P., Decentralization of governance and development, Journal of Economic Perspectives, 16, 185-205, 2002.
Ben-Nasr, H., Boubakri, N. and Cosset, J.C., The political determinants of the cost of equity: Evidence from newly privatized firms, Journal of Accounting Research, 50, 605-646, 2012.
Bennedsen, M. and Wolfenzon, D., The balance of power in closely held corporations, Journal of Financial Economics, 58, 113-139, 2000.
Berkman, H., Cole, R.A. and Fu, L.J., Political connections and minority-shareholder protection: Evidence from securities-market regulation in China, Journal of Financial and Quantitative Analysis, 45, 1391-1417, 2010.
Bhabra, H.S., Liu, T. and Tiritiroglu, D., Capital structure choice in a nascent market: Evidence from listed firms in China, Financial Management, Summer, 341-364, 2008.
Block, F. and Hege, U., Multiple shareholders and control contests, Working Paper, Université Aix-Marseille and GREQAM, 2001.
Boubakri, N., Cosset, J.C. and Guedhami, O., Postprivatization corporate governance: The role of ownership structure and investor protection, Journal of Financial Economics, 76, 369-399, 2005.
Boubakri, N., Guedhami, O., Mishra, D. and Saffer, W., Political connection and the cost of equity capital, Journal of Corporate Finance, 18, 541-559, 2012.
Brickley, J.A., Lease, R.C. and Smith, C.J., Ownership structure and voting on antitakeover amendments, Journal of Financial Economics, 28, 716-738, 1988.
Chan, K., Menkveld, A.J. and Yang, Z., The informativeness of domestic and foreign investors’ stock trades: Evidence from the perfectly segmented Chinese market, Journal of Financial Markets, 10, 391-415, 2007.
Chaney, P.K., Faccio, M. and Parsley, D., The quality of accounting information in politically connected firms, Journal of Accounting and Economics, 51, 58-76, 2011.
Chen, C.J.P., Ding, Y. and Kim, C., High-level politically connected firms, corruption and analyst forecast accuracy around the world, Journal of International Business Studies, 41, 1501-1524, 2010.
Chen, C.J.P., Li, Z., Su, X. and Sun, Z., Rent-seeking incentives, corporate political connections, and the control structure of private firms: Chinese evidence, Journal of Corporate Finance, 17, 229-243, 2011.
Chen, G., Firth, M., Xin, Y. and Xu, L., Control transfers, privatization, and corporate performance: Efficiency gains in China’s listed companies, Journal of Financial and Quantitative Analysis, 43, 161-190, 2008.
Chen, G., Firth, M. and Xu, L., Does the type of ownership control matter? Evidence from China’s listed companies, Journal of Banking & Finance, 33, 171-181, 2009.
Chen, K.C.W., Chen, Z. and Wei, J., Legal protection of investors, corporate governance, and the cost of equity capital, Journal of Corporate Governance, 15, 273-289, 2009.
Chen, K.C.W., Chen, Z. and Wei, J., Agency costs of free cash flow and the effect of shareholder rights on the implied cost of equity capital, Journal of Financial and Quantitative Analysis, 46, 171-207, 2011.
Cheng, C.S.A., Huang, H., Li, Y. and Lobo, G.J., Institutional monitoring through shareholder litigation, Journal of Financial Economics, 95, 356-383, 2010.
Cheung, W., La, K.S.K. and Tam, L.H.K., Blockholding and market reactions to equity offerings in China, Pacific-Basin Finance Journal, 20, 459-482, 2012.
Cheung, Y.L., Rau, P.R. and Stouraitis, A., Helping hand or grabbing hand? Central vs. local government shareholders in Chinese listed firms, Review of Finance, 14, 669-694, 2010.
Chhaochharia, V., Kumar, A. and Niessen-Ruenzi, A., Local investor and corporate governance, Journal of Accounting and Economics, 54, 42-67, 2012.
Chung, R., Fung, S. and Hung, S.Y.K., Institutional investors and firm efficiency of real estate investment trusts, Journal of Real Estate Financial Economics, 45, 171-211, 2012.
Claessens, S., Djankov, S., Fan, J.P.H. and Lang, L.H.P., Disentangling the incentive and entrenchment effects of large shareholdings, Journal of Finance, 57, 2741-2771, 2002.
Claus, J. and Thomas, J., Equity premia as low as three percent? Evidence from analysts’ earnings forecasts for domestic and international stock markets, Journal of Finance, 5, 1629-1666, 2001.
Delios, A. and Wu, Z.J., Legal person ownership, diversification strategy and firm profitability in China, Journal of Management and Governance, 9, 151-169, 2005.
Dhaliwal, D., Heitzman, S. and Li, O.Z., Taxes, leverage and the cost of equity capital, Journal of Accounting Research, 44, 691-723, 2006.
Duggal, R. and Millar, J.A., Institutional investors, antitakerover defenses and success of hostile takeover bids, Quarterly Review of economics and Finance, 34, 387-402, 1994.
Durnev, A. and Kim, E.H., To steal or not to steal: Firm attributes, legal environment and valuation, Journal of Finance, 60, 1461-1493, 2005.
Easton, P.D., PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital, The Accounting Review, 79, 73-95, 2004.
Faccio, M. and Lang, L.H.P., The ultimate ownership of Western European corporations, Journal of Financial Economics, 65, 365-395, 2002.
Faccio, M., Political connected firms, American Economic Review, 96, 369-386, 2006.
Fan, J.P.H., Wang, T.J. and Zhang, T., Politically connected CEOs, corporate governance, and Post-IPO performance of China’s newly partially privatized firms, Journal of Financial Economics, 84, 330-357, 2007.
Firth, M., Lin, C. and Zou, H., Friend of foe? The role of state and mutual fund ownership in the split share structure reform in China. Journal of Financial and Quantitative Analysis, 45, 685-706, 2010.
Fisman, R., Estimating the value of political connections, American Economic Review, 91, 1095-1102, 2001.
Gebhardt, W.R., Lee, C., Lee, M.C. and Swaminathan, B., Toward and implied cost of capital, Journal of Accounting Research, 39, 135-176, 2001.
Gomes, A. and Novaes, W., Sharing of control as a corporate governance mechanism. Penn Carress Working Papers, University of Pennsylvania, 2001.
Guriev, S., Red tape and corruption, Journal of Development Economics, 73, 489-504, 2004.
Hail, L. and Leuz, C., International differences in the cost of equity capital: Do legal institutions and securities regulation matter? Journal of Accounting Research, 44, 485-531, 2006.
Hartzell, J.C. and Starks, L.T., Institutional investors and executive compensation, Journal of Finance, 58, 2351-2374, 2003.
Huang, J.J., Shen, Y. and Sun, Q., Nonnegotiable shares, controlling shareholders, and dividend payments in China, Journal of Corporate Finance, 17, 122-133, 2011.
Huyghebaert, N. and Quan, Q., Share issuing privatizations in China: Sequencing and its effects on public share allocation and underpricing, Journal of Comparative Economics, 37, 306-320, 2009.
Huyghebaert, N. and Quan, Q., Ownership dynamics after partial privatization: Evidence from China, Journal of Law and Economics, 52, 389-429, 2011.
Huyghebaert, N. and Wang, L., Expropriation of minority investors in Chinese listed firms: the role of internal and external corporate governance mechanisms, Corporate Governance: An International Review, 20(3), 308-332, 2012.
Jara-Bertin, M., Lopez-Iturriaga, F.J. and Lopez-de-Foronda, O., The contest to the control in European family firms: How other shareholders affect firm value, Corporate Governance: An International Review., 16, 146-159, 2008.
Jarrell, G.A. and Poulsen, A.B., Shark repellents and stock prices: The effect of antitakeover amendments since 1980, Journal of Financial Economics, 19, 127-168, 1987.
Jayachandran, S., The Jeffords effect, Journal of Law and Economics, 49, 397-425, 2006.
Jiang, G., Lee, C.M.C. and Yue, H., Tunneling through intercorporate loans: The China experience, Journal of Financial Economics, 98, 1-20, 2010.
Johnson, S., Boone, P., Breach, A. and Friedman, E., Corporate governance in the Asian financial crisis, Journal of Financial Economics, 58, 141-186, 2000,
Johnson, S., Kaufmann, D., McMillian, J. and Woodruff, C., Why do firms hide? Bribes and unofficial activity after communism, Journal of Public Economics, 76, 495-520, 2000.
Kahn, C. and Winton, A., Ownership structure, speculation and shareholder intervention, Journal of Finance, 53, 99-129, 1998.
Kang, H.C., Lee, D.W. and Park, K.S., Does the difference in valuation between domestic and foreign investors help explain their distinct holdings of domestic stocks? Journal of Banking and Finance, 34, 2886-2896, 2010.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W., Legal determinants and external finance, Journal of Finance, 52, 1131-1150, 1997.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W., Law and finance, Journal of Political Economy, 106, 1113-1155, 1998.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W., Investor protection and corporate governance, Journal of Financial Economics, 58, 1147-1170, 2000.
Lehmann, E. and Weigand, J., Does the governed corporation perform better? Governance structures and corporate performance in Germany, Working paper, Universität Augsburg, 2000.
Li, D., Nguyen, Q.N., Pham, P.K. and Wei, S.X., Large foreign ownership and firm-level stock return volatility in emerging markets, Journal of Financial and Quantitative Analysis, 46, 1127-1155, 2011.
Li, H., Meng, L., Wang, M. and Zhou, L., Political connections, financing and firm performance: Evidence from Chinese private firms, Journal of Development Economics, 87, 283-299, 2008.
Maury, B. and Pajuste, A., Multiple large shareholders and firm value, Journal of Banking & Finance, 29, 1813-1834, 2005.
McMillan, J. and Woodruff, C., The central role of entrepreneurs in transition economies, Journal of Economic Perspectives, 16(3), 153-170, 2002.
Ohlson, J.A. and Juettner-Nauroth, E., Expected EPS and EPS growth as determinants of value, Review of Accounting Studies, 10, 349-365, 2005.
Sami, H. and Zhou, H., The economic consequences of increased disclosure: Evidence from cross-listings of Chinese firms, Journal of International Financial Management and Accounting, 19, 1-27, 2008.
Shleifer, A. and Vishny, R.W., Stock market driven acquisitions, Journal of Financial Economics, 70, 293-311, 2003.
Smith, M.P., Shareholder activism by institutional investors: Evidence from CalPERS, Journal of Finance, 51, 227-252, 1996.
Qian, Y. and Weingast, B.R., Federalism as a commitment to preserving market incentives, Journal of Economic Perspectives, 4, 83-92, 1997.
Volpin, P., Governance with poor investor protection: Evidence from top executive turnover in Italy, Journal of Financial Economics, 64, 61-90, 2002.
Wu, W., Wu, C. and Rui, O.M., Ownership and the value of political connections: Evidence from China, European Financial Management, 18, 695-729, 2012.
Zeng, Y., Yuan, Q. and Zhang, J., Dark side of institutional shareholder activism in emerging markets: Evidence from China’s split share structure reform, Asia-Pacific Journal of Financial Studies, 40, 240-260, 2011.
Zwiebel, J., Block investment and partial benefits of corporate control, Review of Economic Studies, 62, 161-185, 1995. |