“国进民退”:好消息还是坏消息  被引量:59

Control Transfers from Private to State:Good News or Bad News?

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作  者:罗进辉[1] 

机构地区:[1]厦门大学管理学院

出  处:《金融研究》2013年第5期99-113,共15页Journal of Financial Research

基  金:国家自然科学基金青年项目(编号:71202061);福建省社科规划青年项目(编号:2012C027)的资助

摘  要:近年来,国有企业收购或兼并民营企业的"国进民退"现象明显增多,这种违反中国改革开放大趋势的经济现象引起了大量学者和政企界人士的关注和激烈讨论。本文从投资者的角度出发,分析并证实了在中国目前特定的制度环境背景下,与其他类型的控股权交易事件相比,"国进民退"事件是更好的消息,给外部投资者带来了显著更高的短期超常收益,而且市场化环境的改善能够提高投资者对"国进民退"事件的短期正向市场反应。进一步,本文还发现"国进民退"事件也给投资者带来了显著为正的长期超常收益与绩效改善,但这种长期效应并不显著强于其他类型的控股权交易事件。In recent years, a special new phenomenon of "guojinmintui", i. e. , the rise of state ownership and the decline of the private sectors, emerges in China. This phenomenon is sharp contrast with the long trend of China's reform and open policy, and hence draws much attention and heated debate of scholars, policymakers and practitioners. From the view of investors, this paper argues and finds that in the context of China's specific and special institutions, compared with other kinds of control transfer transactions, "guojinmintui" is a kind of better news, providing outside investors with significantly stronger short - term positive abnormal return, and high levels of marketization development significantly increase this positive abnormal return. Further, "guojin-mintui" also brings about significant longterm positive abnormal market and operation performance, while there is no significant difference in this long term effect between "guojinmintui" and other kinds of control transfer transactions. Our findings have important implications for policies regarding deepening the marketization reform process of China's economy and accelerating private sectors' development.

关 键 词:国进民退 控股权转移 市场化环境 事件研究 超常收益 

分 类 号:F276.1[经济管理—企业管理] F276.5[经济管理—国民经济] F224

 

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