国企发行上市、企业绩效与潜在影响因素  

State-owned Enterprises Issuing and Listing,Performance and Potential Influencing Factors

作　　者：张祥建[1] 王小明[1] 郭岚[2] 

机构地区：[1]上海财经大学财经研究所,上海200433 [2]上海社会科学院,上海200020

出　　处：《证券市场导报》2010年第8期57-66,共10页Securities Market Herald

基　　金：国家自然科学基金项目(批准号:70702035);教育部人文社会科学一般项目(批准号:07JC630012);上海财经大学"211工程"三期重点学科建设项目(批准号:2010330035)

摘　　要：本文研究了中国国有企业发行上市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。我们发现,国有企业发行上市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的改善。进一步研究表明,经济增长率、市场竞争度、资本市场成熟度、机构投资者、股权再融资和选择"四大"审计能够促进发行上市后绩效水平的改善,大股东控制度、中央控制、股权制衡度、集权式管理和关联交易对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发行上市后绩效的影响效应不明显。This paper investigates the performance changes of state-owned enterprises （SOEs） listed on China’s two exchanges upon share issuing privatization （SIP） in the period 1999-2005, and analyzes their potential determinants from the angles of macro and micro aspects. Our results show that there is significant decrease in profitability, and that privatization is effective in improving SOEs’ output and efficiency. We further find that the performance changes vary with the condition of macro and micro factors. In particular, economy growth, market competition, capital market development, institutional investors, centralized management, equity refinancing, and independent audit are positively associated with performance changes. However, control of large shareholders, central government control, contest of shareholders, and related party transaction show strong negative impact on the performance changes of privatized firms. Surprisingly, we find that industry regulation, investor protection, regional marketization, loan guarantee do not indicate significant impact on performance changesf ollowingp rivatization.

关 键 词：国有企业 发行上市 绩效表现 影响因素 

分 类 号：F830.9[经济管理—金融学]