754 Asian Company Handbooks Worldscope i. 10% ii. iii. iv. 10% 1. 94.7% 754 81.17% 612 48.85% 2. 3. 94.83% 715 4.
0.058-0.014 0.094-0.000 5. (0.033) (0.056) (0.071) (0.115)
1 1.1 1.2 1.3 1.4 1.5
2 1.6 1.7 1.8 ( ) 1.9 1.10 1.1 51% 51% 50% ( ) 6.7%( 51% x 51% x 51% x 50% = 6.7%)
3 1.1 51% 51% 51% 50% 1.11 1.12 1.13
4 1.14.
5 2.1 756 84 2.2 H 2.3 (0700) (0448) (0504), Thai Asia Fund Ltd (0540) (1062) 2.4 2.1. 2.1:
6 87 B B 90 159 162 164 192 196 B B 204 206 223 261 290 310 329 335 339 346 353 361 362 365 395 421 428 448 504 505 540 Thai-Asia F Ltd 543 Thai Asset F Pre 597 605 627 647 Joyce Boutique 682 700 702 721 Prime 768 770
861 878 881 JF Japan OTC Fund 885 888 889 913 Unity 932 987 1062 1128 1180 1210 1213 1215 8019 8022 8032 8043 8045 8047 8049 8051 8059 8070 MRC 8076 8079 8082 8089 8090 EVI 8091 8098 8101 8103 8112 8115 8118 8119 8120 8127 7
8 8128 8129 8132 8135 8139 8149 8150 8151 8152 8158 8161 8179 2.5 10% 10% ( ) 10% 2.6 World Scope Asian Company Handbook 2.7 2.8 ABC
9 ABC ABC 2.1 1 ABC ABC ABC 1 ABC [0000] ABC
10 2.1 ABC [0000] ABC Family 123 International (100%) BCD (100%) ABC Unity Holdings CDE (100%) DEF (100%) ABC Unity Discretionary Trusts 100% ABC Unity Trustee Corporation ABC Unity Trust EFG Investment (100%) FGH Investment (100%) GHI (100%) HIJ Cayman (100%) ABC Unity Trustee Company 33.59% ABC Holdings [0000] 1.4% Private Company 100% Mr. ABC IJK Finance (100%) JKL Holdings (China) (100%) KLM International (100%) LMN Investment (100%) MNO Development (100%) NOP Estate Agency (100%) OPQ Management (100%) PQR (60.9%) 2.9 2.10 10% 2.1 ABC ABC (0000) 10% 10% ( )
11 2.11 10% 10% ( ) 10% (0005) (0749) 2.12 2.13 ( 10%) ( ) ( ) 2.52% ( ) 2 2.14 (1) / (2) / ABC (0000) $19,308 $188,755 $159,318 2
12 19,308 / 188,755 = 0.102 10.2% 19,308/159,318 = 0.121 12.1% 2.15 10 5 2-10 /-5 2.16 2.2 2.2:
13 8-14,856,000 56-392,745 128-213,769 181-133,119 182-90,741 202-437,316 208-153,189 286-230,507 333 TOP FORM INT'L -90,925 396-3,930 412-456,214 439-397,909 456 ( ) -28,643 464-28,146 479-291,237 593-137,945 639-106,008 657-17,867 663-322,928 673 ( ) -227,747 681-590,861 729-72,852 818-341,516 898-18,201 952-55,679 990-220,502 1013-500,915 1041-15,373 1060-786,649 1063-65,462 1095-146,015 1203 ( ) -523,629 8071-3,467 2.17 2.2 2.18
14 0.94 3 2.19 Thompson Financial s Datastream 2.20 ABC ABC ABC 2316 $99.75 ABC $99.75 x 2316= HK$231,037 ABC $13,806 $188,755 ( + ) / (231,037 + 13,806) / 188,755 = 1.297. 2.21 ABC ABC 1.297 29.7% 3 100% +1 100% -1 0.94 94%
15 2.22 2.23 World Scope 2.24 2.25 t- (t-test) (ANOVA) ( )
16 3.1 754 695 59 2.5 2.21 3.2 3.3 3.1 3.1 81.17 81.17 3.32 84.48 13.53 98.01 2.52 100.00 H- 93.58 93.58 3.67 97.25 0.00 97.25 2.75 100.00 80.14 80.14 3.60 83.74
17 14.10 97.84 2.16 100.00 93.22 93.22 0.00 93.22 0.00 93.22 6.78 100.00 3.4 3.5 3.1 81.17% 13.53% 3.6 93.58%. 3.7 3.8 3.1 3.1 3.4
18 3.1 90 80 70 60 50 40 30 20 10 0 1
19 3.2 H- 100 90 80 70 60 50 40 30 20 10 0 1 3.3 90 80 70 60 50 40 30 20 10 0 1
20 3.4 100 90 80 70 60 50 40 30 20 10 0 1 3.9 Worldscope ( Claessens, Djankov and Lang, 2000; Claessens, Djankov, Fan and Lang, 2002; and Faccio and Lang, 2002) 3.10 10% 10% ( ) [0005] [0709]
21 ( 10% ) [0011] [0005] 3.11 3.2 3.2 3.2 754 3.32 81.17 15.33 1.99 132 1 73 9 17 281 13 73 2 12 1240 5.73 12.66 1.21 80.4 4 171 1 75 12 12 77 4 51 3 43 176 1 55 29 15 129 5 59 2 35 110 1 72 5 21 99 11.11 52.86 15.32 8.59 130 20.00 51.54 2.31 13.46 129 28.68 48.84 15.76 2.20 4
22 607 14.00 64.82 5.11 12.28 704 10.37 64.62 6.30 12.44 69 62.32 24.63 1.45 9.42 208 12.98 59.61 10.34 13.46 155 36.77 38.55 13.09 9.00 87 21.84 60.34 5.75 11.50 632 26.42 55.79 4.11 11.98 245 39.18 46.94 4.90 8.57 214 27.57 48.13 7.32 15.66 1953 63.08 23.68 0.08 12.40 Claessens, S., S. Djankov and L.H.P. Lang (2000), Separation of Ownership from Control of East Asian Companies, Journal of Financial Economics 58, 81-112; Claessens, S., S. Djankov, J. Fan and L.H.P. Lang (2002), The Pattern and Valuation Effects of Corporate Diversification: A Comparison of the United States, Japan, and Other East Asian Economies, forthcoming in Journal of Finance; Faccio, M. and L.H.P. Lang (2002), The Ultimate Ownership of Western European Corporations, forthcoming in Journal of Financial Economics and authors calculations. 3.12 3.5 3.6 3.5 90 80 70 60 50 40 30 20 10 0 1
23 3.6 90 80 70 60 50 40 30 20 10 0 1 3.13 3.14 ABC ABC ABC (0000) 35% ABC BCD 49.9% BCD ABC 84.6% ABC ABCDE 38.2%
24 3.15 Worldscope 3.3 3.3 94.83 60.11 62.74 33.33 37.39 33.33 65.61 43.26 8.98 48.85 25.26 25.62 6.31 17.75 24.22 20.75 26.90 35.88 12.94 14.59 22.73 7.87 27.55 20.64 3.16 3.3
25 3.17 3.3 3.7 3.8 3.7 100 90 80 70 60 50 40 30 20 10 0 1
26 3.8 100 90 80 70 60 50 40 30 20 10 0 1 3.18 51% 51% 51% 100% 100% 100% 100% 51% 100% 3.19 ABC ABC ABC (ABC) ABC BCD (BCD) BCD ABC (ABCI)
27 ABCI ABCDE ABC BCD ABCI ABCDE 3.20 2% 3.4 15 3.4 4 13 17 19 A 36 97 156 219 226 293 413 488 501 617 1038 3.21 [JL1] [JL2] 3.22 3.5
28 3.5 72.02 27.98 74.24 25.76 45.76 54.24 3.23 3.5 3.24 3.6 3.6 71.57 71.57 27.98 100.00 80.00 80.00 20.00 100.00
29 77.55 77.55 22.45 100.00 47.37 47.37 52.63 100.00 3.25 3.6 3.26 ( 3.7) 3.7 18.02 5.07 13.66 4.42 18.54 5.30 14.62 5.56 9.07 1.97 8.75 0.69
30 3.27 5.07% 3.28 (0016) 3.29 ( ) 3.30 3.8 3.1 ( ) 3.8 79.60 20.40 94.83 5.17 16.00 84.00 H-
31 91.59 8.41 94.34 5.66 20.83 79.17 78.71 21.29 94.53 5.47 19.60 80.40 91.53 8.47 98.31 1.69 0.00 100.00 3.31 3.8 79.60% 3.1 H 91.59% 3.32 91.53% ( ) 91.59% 3.33 3.8
32 3.34 3.8 16.00% ( 3.8 ) 20.83% 0 3.35 3.9 3.9 1 86.75 86.75 2 7.95 94.70 3 2.48 97.19 4 0.83 98.01 5 0.66 98.68 6 0.66 99.34 7 0.33 99.67 8 0.17 99.83 9 0.17 100.00 3.36 (86.75%) 14% 5%
33 3.37 3.10 3.10 ( ) 16.77 22.12 0.00 100.00 4.90 17.16 0.00 100.00 ( ) 19.03 22.72 0.00 100.00 5.67 18.42 0.00 100.00 ( ) 17.51 22.46 0.00 100.00 5.36 18.07 0.00 100.00 ( ) 8.90 16.30 0.00 62.50 1.27 5.25 0.00 25.00
34 3.38 3.10 16.77% 4.9% 100% 3.39 3.10 19.03% 5.67% 3.40 62.5% 25% 3.41
35 4.1 4.2 4.1 4.1 0.043 0.123-0.454 0.314 0.005 0.123-0.163 0.204 0.041 0.100-0.214 0.207 0.022 0.074-0.133 0.090 0.076 0.191-0.487 0.481 0.019 0.190-0.240 0.308 0.066 0.162-0.336 0.322 0.039 0.093-0.149 0.143 4.30% (4.3%) (7.6%) ( = 4.1%, = 6.6%) ( = 2.2% = 3.9%) ( = 0.5% = 1.9%) 4.1
36 [JL1] 4.3 4.4 4.1 4.2 4.1 ( ) 0.045 0.04 0.035 0.03 0.025 0.02 0.015 0.01 0.005 0 1
37 4.2 ( ) 0.08 0.07 0.06 0.05 0.04 0.03 0.02 0.01 0 1 4.5 4.1 4.6 4.2 4.2
38 1/3 0.033 0.128-0.454 0.287 1/3 0.021 0.108-0.425 0.221 1/3 0.071 0.117-0.308 0.314 1/3 0.056 0.200-0.487 0.415 1/3 0.045 0.163-0.484 0.385 1/3 0.115 0.188-0.406 0.481 4.7 4.2 4.3 4.4 4.3 ( ) 0.08 0.07 0.06 0.05 0.04 0.03 0.02 0.01 0 1 1/3 1/3 1/3
39 4.4 ( ) 0.12 0.1 0.08 0.06 0.04 1/3 1/3 1/3 0.02 0 1 4.8 4.2 1/3 1/3 1/3 4.9 4.3 4.3 4.5 4.6 4.3 1/3 0.026 0.122-0.425 0.282 1/3 0.029 0.114-0.454 0.287 1/3 0.069 0.119-0.308 0.314
40 1/3 0.049 0.182-0.484 0.381 1/3 0.050 0.183-0.487 0.415 1/3 0.115 0.188-0.406 0.481 4.5 ( ) 0.07 0.06 0.05 0.04 0.03 0.02 1/3 1/3 1/3 0.01 0 1
41 4.6 ( ) 0.12 0.1 0.08 0.06 0.04 1/3 1/3 1/3 0.02 0 1 4.10 4.3 ( 4.5 4.6) 1/3 1/3 1/3 3.6 5.6% 4.11 4.3-4.4 4.5-4.6 4.12 4.4
42 ( 3.8) 6 80% 4.4 t- 0.042 0.041 0.07 0.069 0.072 0.10 4.13 ( ) 4.5 4.5 t- 0.058-0.014 4.23 0.094-0.000 3.53 4.14 4.5 4.7 ( ) ( 6 t-
43 4.7: 0.1 0.08 0.06 0.04 0.02 0-0.02 4.15 4.8 1.1 50% 6.7%( 51% x 51% x 51% x 50% = 6.7%) 0.134
44 4.8 51% 51% 51% 50% 4.16 4.6 7 0.602 0.888 8.8 10 8.88 8.88 ABC ABC ABC 35% ABC BCD 49.9% BCD ABC 84.6%
45 ABC ABCDE 38.2% ABC ABCDE ABC ABCDE 38.2% 5.64% (35% X 49.9% X 84.6% X 38.2%) ABCDE 0.148 (5.64% / 38.2%) ABC 1.48 ABCDE 10 0.82 0.84 4.6 754 0.888 0.233 1.000 0.800 1.000 178 0.784 0.241 0.858 0.630 1.000 1117 0.602 0.376 0.600 0.200 1.000 211 0.858 0.229 1.000 0.700 1.000 238 0.853 0.215 1.000 0.733 1.000 99 0.908 0.201 1.000 1.000 1.000 211 0.794 0.211 0.800 0.600 1.000 92 0.832 0.198 0.975 0.700 1.000 135 0.941 0.164 1.000 1.000 1.000 95 0.851 0.224 1.000 0.704 1.000 120 0.779 0.36 1.000 0.596 1.000 119 0.842 0.246 1.000 0.800 1.000 604 0.930 0.189 1.000 1.000 1.000 690 0.842 0.267 1.000 0.709 1.000 68 0.811 0.321 1.000 0.683 1.000 204 0.743 0.337 0.971 0.548 1.000 149 0.776 0.341 1.000 0.532 1.000 86 0.924 0.218 1.000 1.000 1.000 610 0.941 0.178 1.000 1.000 1.000 244 0.790 0.339 1.000 0.526 1.000 189 0.740 0.290 0.83 0.468 1.000 1628 0.888 0.228 1.000 0.907 1.000 7
46 : Claessens, S., S. Djankov and L.H.P. Lang (2000), Separation of Ownership from Control of East Asian Companies, Journal of Financial Economics 58, 81-112; Claessens, S., S. Djankov, J. Fan and L.H.P. Lang (2002), The Pattern and Valuation Effects of Corporate Diversification: A Comparison of the United States, Japan, and Other East Asian Economies, forthcoming in Journal of Finance; Faccio, M. and L.H.P. Lang (2002), The Ultimate Ownership of Western European Corporations, forthcoming in Journal of Financial Economics and authors calculations. 4.17 4.18 4.9 4.10
47 4.9 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 1
48 4.10 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 1 4.18 4.7 4.7 46 0.009 0.093-0.239 0.118 18 0.022 0.125-0.214 0.153 132 0.031 0.087-0.191 0.252 427 0.050 0.117-0.425 0.314 H- 32 0.013 0.009 0.007 0.019 52 0.015 0.172-0.454 0.282 46 0.038 0.141-0.243 0.254 18 0.073 0.234-0.336 0.385 132 0.053 0.166-0.409 0.481
49 427 0.081 0.185-0.484 0.480 H- 32 0.048 0.027 0.028 0.067 52 0.050 0.228-0.487 0.414 4.19 H- 4.20 4.11 4.12 4.7 4.11 0.05 0.045 0.04 0.035 0.03 0.025 0.02 0.015 0.01 0.005 0 1 H-
50 4.12 0.09 0.08 0.07 0.06 0.05 0.04 0.03 0.02 0.01 0 1 H- 4.21
51 5.1 5.2 5.3 5.1 3.5% 5.1 0.965 0.452 0.501 2.454 1.141 0.666 0.581 2.381 1.130 0.579 0.505 2.389 1.219 0.227 1.008 1.617 5.4 5.2 5.2 1/3 1.083 0.512 0.513 2.292
52 1/3 0.987 0.470 0.503 2.454 1/3 0.916 0.428 0.501 2.389 1/3 1.001 0.490 0.503 2.454 1/3 1.038 0.463 0.503 2.218 1/3 0.944 0.474 0.501 2.389 5.5 5.2 1/3 8.3% 1/3 4.90% 5.6 5.3 5.3 t- 0.817 1.032-2.71 t- 0.991 1.013-0.32 5.7
53 5.8 H- 5.4 46 0.935 0.345 0.605 1.715 18 1.347 0.468 0.713 2.085 132 0.782 0.340 0.503 1.905 427 0.996 0.496 0.501 2.454 H- 32 0.581 0.090 0.517 0.644 52 1.235 0.400 0.525 2.205 5.9
54 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8
55 6.9 6.10
56 A1.1 ( ) ( ) ( ) A1.2 (corporate governance) 409 Journal of Political Economy, American Economic Review, Journal of Financial Economics, Journal of Finance, and Journal of Accounting Research A1.3 Securities Regulation in Malaysia Financial Markets in Malaysia Financial Markets in Hong Kong Understanding Company Law in Malaysia Understanding Company Law in Hong Kong
57 Mr. Andy Lee A1.4 Journal of Futures Markets, Journal of Real Estate Finance and Economics and Review of Quantitative Finance and Accounting, and Journal of Multinational Financial Management [JL1] the Globe Hong Kong Economic Weekly, Hong Kong Economic Journal, the Benchmark.
58 2 A2.1 n A2.2 ( R ) R = X / n, X i i i= 1 (i=1,2,, n), n A2.3 1, 2, 3 2 10, 6, 10 2 (σ) σ = n i= 1 2 (X R / n i ) X i (i = 1,2,, n), n R [JL1] A2.4 T- (T-test) T- ( ) t A2.5 (ANOVA) t- F- F- A2.6
59 50 50.0001 t- F-
60 3 Obs In_sample 1 = 0 = H_Share 1 = H-, 0 = H- Stock_Code Company Industry 1 =, 2 =, 3 =, 4 = 5 = H- 6 = Pyramid_layer MGT Group_No Pyramid Structure Next_Gen Own1 C1 O1 Own2 C2 O2 Own3 C3 O3 Own4 C4 O4
61 Own5 C5 O5 Market No_of_Director Director_Family No_of_SMGT SMGT_No TA00 MKTVAL00 LT_Debt00 TE00 NI00