从国营到国有——国家股转让效果分析

The Effects of State - owned Shares Transfer in China

本文系统地研究了从1997年到2000年在上海证券交易所和深圳证券交易所发生的国有资产局将控制权转让给国有独资企业和国有法人企业的案例数据。研究发现国家股控制权转让后公司业绩有了明显的改善,同时证券市场对国家股转让行为做出了积极的反应,产生了明显的超额收益。

This paper investigated a sample of publicly traded Chinese firms around nnouncements of block share transfers from government agencies to corporatized finns where the State is the ultimate controlling shareholder. Our data provide evidence that these transfers improve corporate governance and firm value. There is an upward change in the acquired firms' profitability from pre - acquisition to post -acquisition periods. We also find there is cumulative abnormal return during the announcement period.