国有上市公司民营化绩效研究

Can Privatization Improve Firm Performance in China?

以1996年至2007年在沪深两地上市的210个民营化企业作为研究样本,本文分析民营化对上市公司业绩的影响。实证检验结果表明,相比国有上市公司,无论是原创型民营公司还是民营化公司的绩效都更好,说明民营化带来企业业绩的提高。民营化效应受企业最终控制人特征的影响:当收购者是相关专业人士时,民营化带来业绩的提高;而收购者具有政治关联性或为本公司管理层时,民营化前后企业业绩没有显著差异。本文进一步对董事会构成进行研究,发现民营化后,上市公司董事会更加独立,专业性越高,同时有政治关联的董事减少,但这一结果仅适用于收购者具有专业背景的情况。本文的研究对于了解我国民营化过程,以及公司治理对民营化效应的影响提供重要的实证证据。

This study investigates the impact of privatization on firm performance in China. Privatization is defined as the controlling shareholder change from the state to individual or private enterprise. By extension, we classify new private owners into three groups： internal managers（MBO）, political individuals and outside professionals. We will shed light on which type of private owners lead to the most efficient result of privatization. We find that private firms have better ROA and Tobin＇s Q than SOEs, both for original private finns and privatized firms. Privatized firms experience performance improvement after privatization, especially those whose buyers are outsider professionals. Privatized finns will have more professionalism but less political-connected directors after privatization. We do not find similar results in the match sample.