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Ultimate Controlling and Dynamic Recapitalization

This paper discusses the factors of recapitalization rate from the perspective of ultimate controlling based on the sample of Chinese pubic companies from year 2008 to year 2012. This study finds that too much ownership concentration and complex control structures have a negative impact on the recapitalization rate. At the same time, there are some differences in this effect between state-owned and private enterprises; compared to the state-owned enterprises, private enterprises recapitalization rate has been impacted greater by the separation of ownership. Thus, this paper provides a new interpretation for the research of the recapitalization rates under the new background of Chinese economic and financial reform, as well as a new evidence for the encroachment issue of ultimate controlling shareholders.