China's secondary privatization: Perspectives from the Split-Share Structure Reform
China's secondary privatization: Perspectives from the Split-Share Structure Reform
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中国的二次私有化：股权分置改革的视角
DOI：
10.1016/j.jfineco.2014.05.007
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发表时间：
2014-09-01
影响因子：
8.9
通讯作者：
Wang, Hao
中科院分区：
文献类型：
--
作者：
Liao, Li;Liu, Bibo;Wang, Hao
股权分置改革赋予了国有上市企业的国有股合法交易权，开启了中国二次私有化的大门。私有化的预期迅速提高了国有企业的产出、利润和就业，但没有改变其经营效率和公司治理。国有企业绩效的改善与政府代理人以私有为导向的提高国有股价值的激励呈正相关。在私有化方法方面，改革采用了一种市场机制，该机制在协调政府和公众投资者的利益方面起到了有效的信息发现作用。（C）2014爱思唯尔有限公司。保留所有权利。
The Split-Share Structure Reform granted legitimate trading rights to the state-owned shares of listed state-owned enterprises (SOEs), opening up the gate to China's secondary privatization. The expectation of privatization quickly boosted SOE output, profits, and employment, but did not change their operating efficiency and corporate governance. The improvements to SOE performance are positively correlated to government agents' privatization-led incentive of increasing state-owned share value. In terms of privatization methodology, the reform adopted a market mechanism that played an effective information discovery role in aligning the interests of the government and public investors. (C) 2014 Elsevier B.V. All rights reserved.