股权分置改革的中期检验:透析内在机理

Intermediate Test of China Split Share Structure Reform:Dialysis Mechanism

通过检验股权分置改革的中期效果,特别是改革进程和效果的内在关联以及股改实现中期效果的内在机理发现:公司治理特征和绩效能够影响改革的进程,股权分置改革带来了绩效提升和治理完善。对于那些改革过程非常艰难或者改革推进较晚的公司而言,股改的效果更好。这说明改革具有后发优势,即对于那些改革难度较大的公司而言,改革带来的效果更好。对于渐进式改革只有坚定改革的信心、克服改革的攻坚问题,才能更好地实现改革的最终目的。

Through testifies the intermediate effect of split share structure reform, especially the internal relation between reform process and effect, and the mechanism of this effect, we mainly find that corporate governance and performance have some effect on the process of the reform, corporate governance and performance become better after reform, and this effect is larger for corporations faced with greater barrier during the reform. Our results indicate the late mover advantage in this reform, that is, these corporations which are faced with more difficulties will benefit more in the reform. And this paper sheds light on how to advance reform in China by indicating that only through building confidence and overcoming the difficulty of reform can we realize the ultimate goal of reform.