The dynamism of partially state-owned enterprises in East Asia
通过分析东亚9个经济体16年间上市公司的数据，发现国家持股变化频繁，最大股东身份常在国有、家族和分散持有之间切换，主权财富基金更倾向于买入而非卖出大额股份。
We examine the nature of state blockholding across publicly listed firms in East Asia by assembling a unique dataset spanning 16 years and 9 economies. Our newly compiled data identifies ultimate owners for each firm annually between 1997 and 2012, totaling 2984 firm-year observations. Three findings stand out. First, large changes (>5%) to state blockholdings – both investments and divestments – are quite prevalent. Second, the identity of the largest shareholder frequently changes over time between state, family, and widely-held entities. Third, sovereign wealth funds are far more likely to acquire rather than sell large stakes in publicly traded firms.