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| 研究生： |
簡曉薇 Chien, Hsiao-Wei |
|---|---|
| 論文名稱： |
大陸民營化與公司治理之長期績效研究 The Long-run performance of privatization and corporate governance in China |
| 指導教授： |
劉玉珍
Liu, Yu-Jane |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2002 |
| 畢業學年度： | 90 |
| 語文別： | 英文 |
| 論文頁數： | 59 |
| 相關次數： | 點閱：94 下載：49 |
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We attempt to examine the long-run performance of privatization and the ownership structure. Previous studies focused on the long-run performance, operating performance of privatization, or ownership related to corporate values of Initial Public Offerings (IPOs) , separately. This study contributes to the long-run performance of privatization and corporate governance in China. We have examined 756 IPOs listed on China's Shanghai and Shenzhen stock exchanges from 1993 to 1998, and our findings indicated privatization did improve the long-term performance of IPOs in China. The long-run performance of IPOs is negatively related to the proportion of state-owned shares. We also found that corporate governance did improve IPO long-run performance; the addition of employee shares, legal-person shares, and directorial shareholdings are positively related to the long-run performance of IPOs. Besides, if it exists a second largest shareholder, the long-run performances of these IPOs perform well. But the addition of public shareholding is negatively correlated to the long-run performance of IPOs in China. These findings suggested that the ownership structure compositions could affect the long-run performance of listed firms in China.
Key words : privatization, corporate governance, ownership structure, state shareholding, government shareholding, stock market, China.
Abstract-----1
Ⅰ. Introduction-----2
Ⅱ. Literature Review-----6
A. Privatization-----6
B. China's Stock Market-----8
C. Long-run Performance of IPOs-----9
Ⅲ. Characteristics of China's Stock Market-----10
A. Development of China's Stock Market-----10
B. Ownership Structure of IPOs-----11
C. Importance of Privatization in China-----12
Ⅳ. Data and Hypotheses-----15
A. Data Description-----15
B. Testable Hypotheses-----16
Ⅴ. Empirical Analyses-----22
A. Descriptive Statistics-----22
B. Long-run Performance with State shareholdings-----23
C. Comparison Analyses-----25
D. Regression Analyses-----26
E. Robustness Tests-----31
Ⅵ. Conclusions and Suggestions-----32
A. Conclusions-----32
B. Suggestions to the follow-up research-----33
References-----35
Tables and Figures
Table1. Total Market Capitalization/GDP by Year, 1991-2000-----38
Table2. Definitions and Predictions of Variables-----40
Table3. Summary Statistics of Variables : Three-year Model-----43
Table4. Long-run Performance of IPOs classified by State Shareholding-----44
Table5. Comparison of Long-run Performance and Characteristics of Firms-----46
Table6. Simple Regression Results : Three-year Return Model-----48
Table7. IPO long-run performance and ownership structure : Three-year Model-----49
Table8. IPO long-run performance with state-related dummy variables-----51
Figure1. Total Market Capitalization/GDP by Year, 1991-2000-----39
Figure2. After-market Performance for the portfolio of 691 IPOs in 1993-98-----43
Figure3. After-market Performance for the portfolio of 436 IPOs classified by State-----45
Figure4. Proportion of Sample Firms according to the Change of State Shareholding-----45
Appendix1-1. The Correlation Coefficients of Ownership Variables : Three-year Model-----52
Appendix1-2. The Correlation Coefficients of All Variables : Three-year Model-----53
Appendix2. Stepwise Regression Results : Three-year Return as the Dependent Variable-----55
Appendix3. Simple Regression Results : Five-year Return Model-----56
Appendix4. Stepwise Regression Results : Five-year Return as the Dependent Variable-----57
Appendix5. IPOs long-run performance and ownership structure : Five-year Model-----58