China's secondary privatization: Perspectives from the Split-Share Structure Reform

• 成果类型: Article
• 署名作者: Liao, Li; Liu, Bibo; Wang, Hao
• 署名单位: Tsinghua University; Tsinghua University; Tsinghua University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2014.05.007
• 发表日期: 2014
• 页码: 500-518
• 关键词: The Split-Share Structure Reform; privatization; State-owned enterprise; Financial reform; Market mechanism

摘要

The Split-Share Structure Reform granted legitimate trading rights to the state-owned shares of listed state-owned enterprises (SOEs), opening up the gate to China's secondary privatization. The expectation of privatization quickly boosted SOE output, profits, and employment, but did not change their operating efficiency and corporate governance. The improvements to SOE performance are positively correlated to government agents' privatization-led incentive of increasing state-owned share value. In terms of privatization methodology, the reform adopted a market mechanism that played an effective information discovery role in aligning the interests of the government and public investors. (C) 2014 Elsevier B.V. All rights reserved.