上市公司民营化绩效：基于政治观点的检验.pdfVIP

上市公司民营化绩效：基于政治观点的检验 ① 李广子 刘力 （北京大学光华管理学院 北京 100871） 摘要：利用中国市场上剔除资产重组效应后的上市公司民营化样本，本文考察了所有权性 质变更对上市公司绩效的影响。本文发现：（1）民营化后上市公司的绩效得到改善；（2 ） 剔除资产重组效应后，与未发生控制权转让的配对国有上市公司样本以及国有企业间控制 权转让样本相比，民营化能更有效地改善上市公司绩效；（3 ）民营化前后上市公司在经理 人激励方面没有显著差别，民营化样本与未发生控制权转让的配对国有上市公司样本以及 国有企业间控制权转让样本在经理人激励方面也没有显著差别。本文的证据支持了由 Shleifer and Vishny （1994）所提出的政治观点。 关键词：民营化 控制权转让 政治观点 经理人观点 Listed firm’s privatization and performance: A test for political view Guangzi LI, Li LIU Guanghua School of Management, Peking University, Beijing 100871 Abstract: Based on the sample of listed SOEs’ privatizations in China stock market, excluding the influence of restructuring accompanying privatization, this paper investigates the effect of change of ownership property on firm performance. Major findings include: (1) Privatization has a positive effect on firm performance. (2) Compared to the sample of matching listed SOEs without transfer in controlling right and the sample with transfer in controlling right between SOEs, privatization has a much better effect on firm performance. (3) Neither significant change takes place in compensation for manager after privatization, nor does big difference in compensation for manager exist between the sample of privatization and the sample of matching listed SOEs without transfer in controlling right and between the sample of privatization and the sample with transfer in controlling right between SOEs. Our evidence is consistent with the “political view” originally proposed by Shleifer and Vishny (1994). Key words: privatization, transfer in controlling right, political view, managerial view ① 通讯作者，Email: liguangzi@gsm.pku.edu.cn （李广子），电话：010。