政策性负担、市场化改革与国企部分民营化后的业绩滑坡
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财经研究 2013 年 第 39 卷第 01 期, 页码：73 - 83
摘要
参考文献
摘要
通过考察国企部分民营化后政策性负担的变化,文章为政府干预与我国国企部分民营化后业绩滑坡之间的关系搭建了一座中间桥梁,并提供了相应的治理手段。研究表明,国企部分民营化后的政策性负担显著增加,且国企所在地区扩大就业的需求越大,其政策性负担的增加就越显著。而政策性负担的增加对国企部分民营化后的经营绩效有显著负面影响,加剧其业绩滑坡。进一步的研究还表明,无论是IPO发行从配额制向核准制转变的市场化改革,还是各地区市场化进程的推进,都能显著减小我国国企部分民营化后政策性负担的增加程度,从而可以成为提高部分民营化成效的重要治理手段。
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[3]黄玲文,姚洋.国有企业改制对就业的影响——来自11个城市的数据[J].经济研究,2007,(3):57-69.
[4]孙亮,柳建华.银行业改革、市场化与信贷资源的配置[J].金融研究,2011,(1):94-109.
[5]陶然,苏福兵,陆曦,朱昱铭.经济增长能够带来晋升吗——对晋升锦标竞赛理论的逻辑挑战与省级实证重估[J].管理世界,2010,(12):13-26.
[6]王红领,李稻葵,雷鼎鸣.政府为什么会放弃国有企业的产权[J].经济研究,2001,(8):61-85.
[7]黎文靖,程敏英,黄琼宇.地方政府竞争、企业上市方式与政企间利益输送[J].财经研究,2012,(9):27-36.
[8]Bai C,Lu J,Tao Z.Divergent interests between central and local governments:Testing theories of public ownership[R].Tsinghua University,2005.
[9]Dinc I S,Gupta N.The decision to privatize:Finance and politics[J].Journal of Finance,2011,66(1):241-269.
[10]Fan J P H,Wong T J,Zhang T.Politically connected CEOs,corporate governance,and post-IPO performance of China’s newly partially privatized firms[J].Journal of Financial Economics,2007,84(2):330-357.
[11]Jiang G,Yue H,Zhao L.A re-examination of China’s share issue privatization[J].Journal of Banking&Finance,2009,33(12):2322-2332.
[12]Liao G,Chen X,Jing X,Sun J.Policy burdens,firms performance,and management turnover[J].China Economic Review,2009,20(1):15-28.
[13]Megginson W,Netter J M.From state to market:A survey of empirical studies on pri-vatization[J].Journal of Economic Literature,2001,39(2):321-389.
[14]Rousseau P L,Xiao S.Change of control and the success of China’s share-issue privati-zation[J].China Economic Review,2008,19(4):605-613.
[15]Shleifer A,Vishny R W.Politicians and firms[J].Quarterly Journal of Economics,1994,109(4):995-1025.
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[17]Sun L,Liu C.Capital province,political objectives and the post-IPO policy burden [J].China Finance Review International,2012,2(2):121-142.
[18]Sun Q,Tong W H S.China share issue privatization:The extent of its success[J].Journal of Financial Economics,2003,70(2):183-222.
引用本文
刘春, 孙亮. 政策性负担、市场化改革与国企部分民营化后的业绩滑坡[J]. 财经研究, 2013, 39(1): 73–83.
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