NDLI: Does Holistic Listing Improve the Efficiency of China's Listed Companies?

Content Provider	IEEE Xplore Digital Library
Author	Jianhuan Huang Jie Xia Zhujia Yin
Copyright Year	2010
Abstract	In order to observe whether holistic listing improves the efficiency of listed companies in the long term, this paper empirically tests the performance changes of listed companies that have realized holistic listing in 2004-2007 in China's stock market. We use improved FA-DEA method to evaluate the efficiency changes, and then apply Tobit Model to analyze the influence of holistic listing, size, major shareholders property, profitability and growth on corporate performance. The improved FA-DEA method adopts new DEA input variable processing way which considers the difference of each element reflecting from the information of initial data. Our tests show: although the sample efficiency is improved in the short term after holistic listing, it declines later; the efficiency of samples becomes lower when the corporate is state-owned; with the size expansion the corporate long-term performance becomes worse after holistic listing than that before. Therefore, it is inappropriate to take holistic listing as a magic bullet to improve the performance of listed companies, and it is better to take effective measures to prevent bad assets being injected into listed companies via holistic listing.
Starting Page	283
Ending Page	287
File Size	319480
Page Count	5
File Format	PDF
ISBN	9781424475759
e-ISBN	9781424475766
DOI	10.1109/BIFE.2010.73
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2010-08-13
Publisher Place	China
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Analytical models efficiency Profitability factorial analysis holistic listing data envelopment analysis Companies Tobit model Security Usability Principal component analysis
Content Type	Text
Resource Type	Article

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