国有企业民营化效应研究
本站原创 论文中文摘要：本文通过理论分析与实证研究，运用事件研究法和会计研究法相结合，考察了深、沪两市2001-2004年发生白勺82个国有企业民营化事件白勺市场反应和长期业绩变化。与以往白勺研究不同，本文重新界定了国有企业民营化白勺定义，根据国内资本市场现状选取了最有时效性白勺样本，分析了国有企业民营化白勺短期效应和长期效应，并从原国有控股股东白勺特征、高管白勺态度等角度考察国有企业民营化白勺短期影响因素。短期白勺实证研究结果表明，国有企业民营化公告后股价不断下跌；原国有控股股东继续持有股份、前二到五大股东中高比例白勺国有股、高管对民营化白勺支持态度都使民营化后白勺股价下跌更快。长期白勺业绩研究结果表明上市公司白勺盈利能力、经营能力、偿债能力、成长能力在民营化后白勺两年内不断下滑。因此，本文认为仅仅靠“国退民进”并没有改善上市公司白勺绩效，只有不断白勺健全法律、法规、完善公司治理结构才是提高国有企业业绩白勺好办法
Abstract（英文摘要）：www.328tibEt.cn Since the establishment of China’s capital market in the early 1990s, it has become one of the important ways of optimizing the allocation of resources. The initial public offering of shares improves the efficiency of the state-owned enterprises, however, the performance of the listed state-owned enterprises did not achieve the expected results. A very likely reason is that listed companies are still controlled by the state institutions. Government think that fundamental reform is not enough, so they take the reduction of the state-owned shares and the stock right putting divided and make private enterprises he the opportunity to become the controlling shareholder of a listed company.Abroad theories show that the private controlling shareholder will inject fresh blood and the performance can be significantly improved after privatization of the former state-owned enterprises. In the process of economic transition, laws and regulations are not perfect and control market is underdeveloped. So privatization dose not improve the company’s performance.In view of the lack of previous research, this paper presentes the following improvements: (1) further define the definition of privatization of state-owned enterprises; (2) expand the existing literature data, company privated in the 2001 to 2004 as a sample; (3) combination of event study method and accounting research method researches privatization market response, long-term performance and the affecting factors of market responseThis paper presents the following five hypothesis: (1) market will response privatization; (2) after privatization, the original controlling shareholder continuing to hold the share will give worse market response than the original controlling shareholder not continuing to hold the share; (3) after privatization, more state-owned shares from the second to the fifth shareholders will he worse market response; (4) the company whose managers oppose privatization is expected to he better market response than the company whose managers support privatization; (5) after privatization, the performance of companies declines.By using event study method and accounting research method, the paper proves the assumption and has received the following empirical results.First, by using event study method, the paper proves that it is not optimistic about the prospects of privatization of state-owned enterprises. After the notice of privatization, the stock price falls, in particular after 30 days drops sharp. Because the succesul privatization needs the agreement of the financial sector , the market dose not immediately respond to privatization.Second, the paper uses regression analysis and the single-factor analysis to analyse the impact of short-term market reaction factors. The original controlling shareholder continuing to hold the share or more state-owned shares from the second to the fifth shareholders has worse market response. Private controlling shareholder tends to damage a country’s property. State-owned shares dose not play a role of the power balance with shareholder structure. The company whose managers oppose privatization gets better market response than the company whose managers support privatization. All show that privatization dose not improve the efficiency of state-owned enterprises, so improving corporate governance is a good way to increase the performance of the company.Third, the paper use accounting research method to analyse performance changes after privatization. The empirical results show that the return on asset declines, cost of sales rises, debt ratio grows, and main operating income declines. So the paper proves that profitability, operating capacity, solvency and ability to grow all become worse after privatization .So, the paper thinks that only privatization can not imprive the performance of listed companies. From a long-term point of view, improving corporate governance and modifing the relative laws and regulations are better to imprive the performance.
论文关键词： 民营化；市场反应；影响因素；公司业绩；
Abstract（英文摘要）：www.328tibEt.cn Since the establishment of China’s capital market in the early 1990s, it has become one of the important ways of optimizing the allocation of resources. The initial public offering of shares improves the efficiency of the state-owned enterprises, however, the performance of the listed state-owned enterprises did not achieve the expected results. A very likely reason is that listed companies are still controlled by the state institutions. Government think that fundamental reform is not enough, so they take the reduction of the state-owned shares and the stock right putting divided and make private enterprises he the opportunity to become the controlling shareholder of a listed company.Abroad theories show that the private controlling shareholder will inject fresh blood and the performance can be significantly improved after privatization of the former state-owned enterprises. In the process of economic transition, laws and regulations are not perfect and control market is underdeveloped. So privatization dose not improve the company’s performance.In view of the lack of previous research, this paper presentes the following improvements: (1) further define the definition of privatization of state-owned enterprises; (2) expand the existing literature data, company privated in the 2001 to 2004 as a sample; (3) combination of event study method and accounting research method researches privatization market response, long-term performance and the affecting factors of market responseThis paper presents the following five hypothesis: (1) market will response privatization; (2) after privatization, the original controlling shareholder continuing to hold the share will give worse market response than the original controlling shareholder not continuing to hold the share; (3) after privatization, more state-owned shares from the second to the fifth shareholders will he worse market response; (4) the company whose managers oppose privatization is expected to he better market response than the company whose managers support privatization; (5) after privatization, the performance of companies declines.By using event study method and accounting research method, the paper proves the assumption and has received the following empirical results.First, by using event study method, the paper proves that it is not optimistic about the prospects of privatization of state-owned enterprises. After the notice of privatization, the stock price falls, in particular after 30 days drops sharp. Because the succesul privatization needs the agreement of the financial sector , the market dose not immediately respond to privatization.Second, the paper uses regression analysis and the single-factor analysis to analyse the impact of short-term market reaction factors. The original controlling shareholder continuing to hold the share or more state-owned shares from the second to the fifth shareholders has worse market response. Private controlling shareholder tends to damage a country’s property. State-owned shares dose not play a role of the power balance with shareholder structure. The company whose managers oppose privatization gets better market response than the company whose managers support privatization. All show that privatization dose not improve the efficiency of state-owned enterprises, so improving corporate governance is a good way to increase the performance of the company.Third, the paper use accounting research method to analyse performance changes after privatization. The empirical results show that the return on asset declines, cost of sales rises, debt ratio grows, and main operating income declines. So the paper proves that profitability, operating capacity, solvency and ability to grow all become worse after privatization .So, the paper thinks that only privatization can not imprive the performance of listed companies. From a long-term point of view, improving corporate governance and modifing the relative laws and regulations are better to imprive the performance.
论文关键词： 民营化；市场反应；影响因素；公司业绩；