China share issue privatization: the extent of its success

• 成果类型: Article
• 署名作者: Sun, Q; Tong, WHS
• 署名单位: Hong Kong Polytechnic University; Nanyang Technological University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(03)00145-4
• 发表日期: 2003
• 页码: 183-222
• 关键词: china; partial privatization; State-owned enterprise; performance change; Restructuring

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.