部分民营化与企业绩效:基于国有企业民营化发行的研究

Partial Privatization and Corporate Performance:Based on Further Evidence from State-owned Enterprises

本文研究了中国国有企业民营化发行前后的绩效分布和变化特征,并重点从宏观层面和微观层面分析了绩效变化的影响因素。研究发现,国有企业民营化发行后的盈利能力整体上是下降的,而产出水平和运营效率得到一定程度改善。进一步研究表明,经济增长率、资本市场成熟度、机构投资者、集权式管理、股权再融资和独立审计选择能够促进民营化发行后绩效水平的改善,市场竞争度、大股东控制度、中央控制、股权制衡度和关联交易对民营化发行后的绩效具有显著负相关影响,而行业管制、投资者保护度、地区市场化和对外担保对民营化发行后绩效的影响效应不明显。可见,影响国有企业民营化发行后绩效变化的原因来自宏观和微观两个方面,忽视任何方面都不能全面地解释民营化绩效的变化。本文的研究能够为中国国有企业的改革导向及民营化发行的力度、方向和配套措施提供实证基础,有利于促进国有企业民营化的成功。

This paper mainly studys the performance distribution and varying characteristic, analyzing its potential influence factors from the angles of macro aspect and micro aspect. Our analysis shows that it is a significant decrease in profitability,but privatization is effective in improving SOEs＇ output and operation efficiency.We also find that economy growth rate,capital market maturity,institute shareholder,centralization management,equity refinancing,and auditing selection can significantly promote the postprivatization performance toincrease,while market competition,the control of largest shareholder, central control, check and balance of shareholders, and related party transaction showing strong negative impacts on the performance of privatized firms.Surprisingly,we find that industry control,investor protection,regional marketization, external guarantee do not show significant impacts on firm performance.So both macro and micro aspect can influence the post-privatization performance.These results provide useful suggestion for the share issue privatization in China and can promote the success of the partial privatization of stated-owned enterprises.