我国国有企业民营化发行后绩效变化的影响因素分析

笔者研究了我国国有企业民营化发行前后的绩效分布和变化特征,并重点从宏观层面和微观层面分析了绩效变化的影响因素。研究表明,经济增长率、资本市场成熟度、机构投资者、集权式管理、股权再融资和独立审计选择能够促进民营化发行后绩效水平的改善,市场竞争度、大股东控制度、中央控制、股权制衡度和关联交易对民营化发行后的绩效具有显著负相关影响,而行业管制、投资者保护度、地区市场化和对外担保对民营化发行后绩效的影响效应不明显。可见,影响国有企业民营化发行后绩效变化的原因来自宏观和微观两个方面,忽视任何方面都不能全面地解释民营化绩效的变化。

Analysis of the Factors Influencing Corporate Performance Variance after the Privatization Share Issue of Chinese State-owned Enterprises

The author studied the performance distribution and variance characteristics before and after the privatization share issue of the state-owned enterprises of our country and analyzed its influencing factors of performance variance from the macro and micro angles.The research shows that economy growth rate,capital market maturity,institutional shareholders,centralized management,equity refinancing,and independent auditing selection can significantly promote the improvement of performance after the privatization share issue,while market competition,the control of largest shareholders,central control,check and balance of shareholders and related party transaction have strong negative impacts on the performance after privatization share issue and industry control,investor protection,regional marketization and external guarantee do not have significant impact on firm performance.So both macro aspect and micro aspect can influence the post-privatization performance.Neither aspect can be ignored to explain the change in the performance after privatization share issue.