| 国有股退出程度的经济后果比较——对上市公司剩余国有股价值的分析 |
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| 引用本文： | 戴璐.国有股退出程度的经济后果比较——对上市公司剩余国有股价值的分析[J].经济管理,2008(4):62-67. |
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| 作者姓名： | 戴璐 |
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| 作者单位： | [1]中央财经大学会计学院,北京100081 [2]美国新泽西州立大学,纽瓦克07032 |
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| 摘 要： | 本文研究了我国资本市场国有股退出程度的不同在经济后果上是否存在显著差异。非参数检验与回归分析均表明，国有股部分退出的公司在民营化之后的业绩扭转要差于完全民营化，回归分析还反映出部分民营化后未彻底退出的国有大股东有显著负效应。在大股东并存的产权类型上，民营大股东之间的共存比民营同国有大股东的共存对公司价值提升更为有利。
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| 关 键 词： | 国有股退出程度 经济后果 大股东共存 制衡效果 |
The Contrast of Economic Effects between Part and Entire Property Right Reform in Chinese State Listed Companies |
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| DAI Lu.The Contrast of Economic Effects between Part and Entire Property Right Reform in Chinese State Listed Companies[J].Economic Management,2008(4):62-67. |
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| Authors: | DAI Lu |
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| Institution: | DAI Lu~(1,2) (1.Central University of Finance , Economics,Beijing,100081,China,2.The State University of New Jersey,Newark,07032,USA) |
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| Abstract: | The paper's statistical analysis reveals that the performance change after part privatization is worse than entire privatization' s that among Chinese state-owned listed companies during 1999-2002 years.Furthermore,the closely-held ownership structure by private large shareholders demonstrates much more advantage in company performance amelioration than ones with the first large private sharehold- ers followed by state blockholders. |
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| Keywords: | part privatization entire privatization economic effects closely-held ownership structure |
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