paniesinChinaAbstract:China'-ownedenterprisesandinsoundfinancialconditiontendtoexchangehigherqualityassetsforlowerqualityassets(.,tunneling).However,whenthereisaneedtoavoidreportingalossandtoraiseadditionalcapital,paniestendtoexchangelowerqualityassetsforhigherqualityassets(.,propping).,wefindassetexchangesmotivatedbyatunneling(propping)incentivetobeassociatedwithpoorer(improved)post-,thisstudycontributestothecorporateassetliteraturebyprovidingtwonewincentives::Assetexchange,Tunneling,,equity,and/orfutureconsiderations(Slovin,Sushka,&Poloncheck,2005)ratherthanbarter-,however,(.,assetscharacterizedbybetterinvestmentopportunitiesandgreaterprofitability)andinjectlowerqualityassets,,LaPorta,Lopez-de-Silanes,andShleifer(2000).,Johnson,andMitton(2003).WearguethatboththetunnelingandproppingincentivesexistinChina''panieshavebeenrestructuredfromstate-ownedenterprises(SOEs),,pany,,pany,andagovernmentagencyorequivalentactsasthelatter',pany,(s)
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