题目: Partial Privatization, Firm Value, and Employment in China: Political and Economic Objectives
演讲者：Takeshi Yamada, Associate Professor of finance, National University of Singapore
时间: 2009年5月15日（星期五）3:00—4:30PM
地点: 嘉庚二号楼501
参加者: 对财务研究有兴趣的广大师生
主持人： 沈哲老师
论文摘要:
This paper examines the incentives of the government to retain control in privatized
state-owned enterprises in China. It shows that the government’s decision to maintain control is influenced by both firm performance and levels of employment. First, our result shows that government prefers to retain major control of privatized firms that have better performance. Second, we find that government at the same time retains control on firms that have greater levels of employment. In contrast to the notion that government sacrifices economic efficiency to achieve political goals, government retains control of better performing firms and pursue political objectives.
论文作者简介：
Takeshi Yamada is Associate Professor of finance from National University of Singapore. He got PhD in Finance from University of California at Berkeley and MA and BA in Economics from Keio University. His research interests include Empirical research in financial markets, Funds management and Corporate behaviors with an emphasis in Japanese financial markets.
下载: partial_privatization.pdf