题目: Privatization and corporatization as endogenous choices in Chinese corporate reform
演讲者：Ming Liu, Department of Finance, Chinese University of Hong Kong |
时间: 2008年12月12日（星期五）3：00—4：30 PM
地点: 嘉庚二501
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：
We investigate the endogenous choice problem of Chinese state-owned enterprises in their decision on whether to corporatize or privatize. Corporatization differs from privatization in the Chinese context, as in the former case, the state remains as a large shareholder, and in the latter case, the state has little or no ownership. Using a panel of provincial statistics, we show that the larger the local employment pressure, the less likely we see privatization; the smaller the local fiscal pressure, the less likely we see privatization; the more corrupted the local business environment, the less likely we see privatization. Privatization is found to yield consistent efficiency gains over corporatization measured in terms of both employment and firm profitability. Our evidences are supportive of the theoretical framework of Boycko and Shleifer and Vishny (1996) where they model privatization as politicians' endogenous decision trading off eployment pressure against public fiscal interest.
论文作者简介：
Ming Liu is Associate Professor in Department of Finance, Chinese University of Hong Kong, Shatin. He got M. S. in Statistics and Ph.D.in Economics from Duke University and B. E. in Management Science from University of Science and Technology of China. His research Interests include investment and real estate finance.
下载: paper.pdf