Does the Ownership-split Reform Improve the Effectiveness of Corporate Governance of Chinese Listed Firms?
实证检验股权分置改革是否提升了中国上市公司治理机制的有效性，发现改革通过增强控股股东和机构投资者的监督效果来改善治理，且对非国有企业影响更大。
This paper empirically examines whether the Ownership-split Reform(OSR) improve the effectiveness of corporate governance mechanisms of fisted firms in China,and therefore evaluates the policy effectiveness of the reform.The study indicates that the OSR significantly improves the effectiveness of corporate governance mechanisms of Chinese listed firms and it achieves such a goal via improving the monitoring effectiveness of both controlling shareholders and the other active institutional investors.The reform in non-state-owned firms has more significant impact on corporate governance than that in state-owned firms.Thus,these findings suggest that,to a certain extent,the OSR achieves the goal of improving corporate governance of China's listed firms.