摘要
本文研究了我国资本市场国有股退出程度的不同在经济后果上是否存在显著差异。非参数检验与回归分析均表明,国有股部分退出的公司在民营化之后的业绩扭转要差于完全民营化,回归分析还反映出部分民营化后未彻底退出的国有大股东有显著负效应。在大股东并存的产权类型上,民营大股东之间的共存比民营同国有大股东的共存对公司价值提升更为有利。
The paper' s statistical analysis reveals that the performance change after part privatization is worse than entire privatization' s that among Chinese state-owned listed companies during 1999-2002 years. Furthermore, the closely-held ownership structure by private large shareholders demonstrates much more advantage in company performance amelioration than ones with the first large private shareholders followed by state blockholders.
出处
《经济管理》
CSSCI
北大核心
2008年第4期62-67,共6页
Business and Management Journal ( BMJ )
关键词
国有股退出程度
经济后果
大股东共存
制衡效果
part privatization
entire privatization
economic effects
closely-held ownership structure