中概股公司私有化研究:动机与经济后果

Privatization of China Concept Stocks:Motivations and Economic Consequences

文章研究了中概股公司私有化的动机与经济后果。研究发现,从私有化前一年这个特定时点来看,中概股公司私有化的动机主要是避免企业价值被低估、减少自由现金流和降低交易成本。而且,管理层持股比例越高,公司越有可能采用管理层收购方式进行私有化。从上市到私有化的长期角度来看,中概股公司私有化的动机主要是避免企业价值被低估和降低代理成本。进一步的研究还发现,中概股公司宣布私有化具有显著的正向溢出效应,具体表现为同行业未私有化的中概股公司股票获得了显著为正的超额回报,而且溢出效应对于估值水平较低和自由现金流较多的同行业中概股公司更加显著。

This paper studies the motivations and economic consequences of privatization of China concept stocks.It shows that as for the special time at the previous one year before privatization,the motivations for privatization of China concept stocks lie in the prevention of underestimating firm values,the reduction in free cash flows and the decrease in transaction costs.And firms with higher managerial ownership are more likely to adopt management buyout to go private.As for the long term from listing to privatization,the motivations for privatization of China concept stocks lie in the prevention of underestimating firm values and the reduction in agency costs.Further study also confirms a significant positive spillover effect with China concept stocks＇ going-private transactions.More specifically,other China concept stocks without privatization in the same industry obtain significantly positive abnormal returns,and the spillover effect is more significant in China concept stocks with lower evaluation and more free cash flows in the same industry.