| Empirical Investigation on China＇s Private Enterprises Performance Change Before and After Listing |
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| 作者姓名： | Lingfang Xie Xiaoming Zhu |
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| 作者单位： | [1]Ph.D. candidate of School of Management in Shanghai Jiaotong University; The author＇s research field is corporate management; Address： 113# Mailbox, Shanghai Jiaotong University, No.1954, Huashan Rd., Shanghai, P. R. China, Postcode： 200030 [2]part-time professor and Ph.D advisor of Shanghai Jiaotong University and director of Shanghai Foreign Economic and Trade Committee, Shanghai Jiaotong University, No.1954, Huashan Rd., Shanghai, P. R. China, Postcode： 200030 |
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| 摘 要： | ![]()
This paper evaluates the performance change of the private enterprises listed on China＇s two exchanges during 2 years before and after listing in the period of 1996-2001. It is concluded that earning ability, real sales and financing are significantly improved, while only profitability decline a little bit after the private firms listed. In addition, we find that IPO private firms have appreciably better performance than that of BS ones as well as the financing condition becomes finer, which is relative to both the attributes of the private enterprises and Chinese regulatory rules. Therefore, we figured out that the outcome of private firms listing is positive, and China＇s economic reform will be a step-by-step process.
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