政府经济人行为与国有产权流动性——基于北京产权交易所数据分析

在中国,政府为了自身利益,会对转让的国有资产设置各种条件,从而影响到国有产权的流动性。利用北京产权交易所公布的2007年12月—2008年12月的742项产权交易项目数据,对国有产权流动性及其影响因素进行分析,结果发现:转让产权比例越高,挂牌价格越高,标的企业员工越多,产权流动性越小,产权市场成交时间越长;从受让条件看,对意向受让方资本要求越高,支付期限要求越短,承担债务压力越多,产权流动性越小;此外,产权转让监管机构级别越高,产权流动性越小。

Local Government Behavior and Liquidity of State-owned Equity:Based on Beijing Equity Exchange Data

In China,government sets conditions on the transferring of state-owned assets to protect its interests,and these conditions directly affect the liquidity of state-owned equity.Based on the data of 742 state-owned equity transferring items,this paper studies the liquidity of state-owned equity and the factors that affect it.The result shows that:the higher ratio of equity transferring,the higher the listed price,the more the employees of the equity,the less liquidity of equity,and the longer time to complete...