China share issue privatization: the extent of its success

被引：549

作者：

Sun, Q

Tong, WHS ^{[1
]}

机构：

[1] Hong Kong Polytech Univ, Fac Business, Sch Accounting & Finance, Kowloon, Hong Kong, Peoples R China

[2] Nanyang Technol Univ, Nanyang Business Sch, Singapore 639798, Singapore

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2003年 / 70卷 / 02期

关键词：

China; partial privatization; state-owned enterprise; performance change; restructuring;

D O I：

10.1016/S0304-405X(03)00145-4

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We evaluate the performance changes of 634 state-owned enterprises (SOEs) listed on China's two exchanges upon share issuing privatisation (SIP) in the period 1994-1998. We find that SIP is effective in improving SOEs' earnings ability, real sales, and workers' productivity but is not successful in improving profit returns and leverage after privatisation. We also find state ownership having negative impacts on firm performance and legal-person ownership having positive impacts on firm performance after SIP, which suggests that legal persons behave differently from the state government. Surprisingly, foreign ownership does not show uniformly strong, positive impacts on firm performance. (C) 2003 Elsevier B.V. All rights reserved.

引用

页码：183 / 222

页数：40

共 72 条

[1] Firm performance and mechanisms to control agency problems between managers and shareholders [J].