Feng Xie

Doctor of Philosophy, (Economics & Finance)
Study Completed: 2018
Massey Business School


Thesis Title
Ownership structure and firm risk: Evidence from China

Read article at Massey Research Online: MRO icon

Ownership structure is recognised as one of the key corporate governance mechanisms in corporate finance literature. A large body of literature documents that ownership structure affects firm decisions and outputs, but the impact of ownership structure on firm risk remains largely unexplored, which is viewed to have primary implications to investors and the whole economy. Ms Xie investigated how ownership structure affects firm risk in the largest emerging market China. She found that the privatisation programmes profoundly shaped the ownership structure of Chinese listed firms, and the Non-tradable Share reform has successfully improved firm outputs and corporate governance. In addition, the state ownership and foreign institutional ownership are found to have risk-mitigating effect through more conservative corporate polices and exerting discipline to the management of portfolio firms, respectively. Ms Xie's research provides broad implications to policy makers and investors of risk management.

Associate Professor Jing Chi
Dr Jing Liao