Partial privatisation and firm performance: evidence from China’s state-owned enterprises

Liaoliao Li, Zongming Tang, Xiaofei Tang, Lizhi Zhang, Xiangjian Zhang
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引用次数: 3

Abstract

This paper investigates the performance changes of 390 state-owned enterprises (SOEs) in China during 2000–2008 with the existence of share issue privatisation (SIP), and analyses the macro and micro determinants of these changes. We find that SIP significantly improves SOEs’ output and efficiency, and the performance changes vary along with different macro and micro factors. Economic growth, industry regulations, regional marketisation, institutional investors, and equity refinancing are positively related to performance changes. However, capital market development, control of large shareholders, contest of shareholders, and capital occupation exhibit significant negative impacts on firms’ performance changes.
部分私有化与企业绩效:来自中国国有企业的证据
本文研究了2000-2008年中国390家国有企业在股票发行私有化(SIP)存在下的绩效变化,并分析了这些变化的宏观和微观决定因素。我们发现,SIP显著提高了国有企业的产出和效率,且绩效变化随宏观和微观因素的不同而不同。经济增长、行业监管、区域市场化、机构投资者和股权再融资与绩效变化呈正相关。而资本市场发展、大股东控制、股东竞争和资本占用对企业绩效变化有显著的负向影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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