Open Access. Powered by Scholars. Published by Universities.®

Social and Behavioral Sciences Commons

Open Access. Powered by Scholars. Published by Universities.®

Law

Research Collection School Of Law

2016

Articles 1 - 1 of 1

Full-Text Articles in Social and Behavioral Sciences

Corporate Reorganisation Of China's Listed Companies: Winners And Losers, Zinian Zhang Jan 2016

Corporate Reorganisation Of China's Listed Companies: Winners And Losers, Zinian Zhang

Research Collection School Of Law

This article is the first empirical study investigating the corporate reorganisation of Chinese domestically-listed companies. Through examining these cases, it challenges the assertion made by most of these corporate reorganisation plans and by Chinese state-run media reports that creditors and general public shareholders were the major beneficiaries. Through an analysis of the data generated from all forth-three such cases, this articles reveals that: First, unsecured creditors could have, on average, received 61.37% more of their claims if the fundamental value distribution principle, the absolute priority norm, could have been complied with in these reorganisations; Second, if the general-public-shareholder-protection scheme ...