中国国有上市公司上市前后经营绩效的实证分析

The Empirical Study of the Performance of Chinese State-owned Firms before and after Listed

本文以1998-2000年期间在上海、深圳证券交易所上市的329间国有企业为样本通过比较上市前三年到上市后三年盈利、产出、财务杠杆和员工工作效率四个方面的指标来评价国有上市公司的经营绩效。研究结果表明:(1)上市后盈利、产出和员工工作效率都得到提高,但是财务杠杆水平下降。(2)上市地点、行业管制、国有股比例和境外股有无都对经营绩效没有显著影响。本文较全面的评价了国有上市企业的业绩变化和国有股比例的影响因子,因而对于中国国有企业改革的下一步发展具有重要的参考价值。

We evaluate the performance of 341 state-owned firms listed on China＇s two exchanges over the period 1998- 2000. We also use the pooled regression and the reverse causation to study the relationship between ownership structure and operating performance. The results show that： （1） Share issuing is effective in improving state-owned enterprises＇ earnings ability, output level and employees＇ productivity, but is not successful in improving leverage after privatization. （2）The listed location, industrial regulations, the percentage of state ownership and foreign listing are ineffective in improving the performance. Finally, the possible policy alternatives to improve the listed firm＇s performance are provided.