$\require{mediawiki-texvc}$

연합인증

연합인증 가입 기관의 연구자들은 소속기관의 인증정보(ID와 암호)를 이용해 다른 대학, 연구기관, 서비스 공급자의 다양한 온라인 자원과 연구 데이터를 이용할 수 있습니다.

이는 여행자가 자국에서 발행 받은 여권으로 세계 각국을 자유롭게 여행할 수 있는 것과 같습니다.

연합인증으로 이용이 가능한 서비스는 NTIS, DataON, Edison, Kafe, Webinar 등이 있습니다.

한번의 인증절차만으로 연합인증 가입 서비스에 추가 로그인 없이 이용이 가능합니다.

다만, 연합인증을 위해서는 최초 1회만 인증 절차가 필요합니다. (회원이 아닐 경우 회원 가입이 필요합니다.)

연합인증 절차는 다음과 같습니다.

최초이용시에는
ScienceON에 로그인 → 연합인증 서비스 접속 → 로그인 (본인 확인 또는 회원가입) → 서비스 이용

그 이후에는
ScienceON 로그인 → 연합인증 서비스 접속 → 서비스 이용

연합인증을 활용하시면 KISTI가 제공하는 다양한 서비스를 편리하게 이용하실 수 있습니다.

민영화를 위한 중국 국유기업 신규상장이 투자자의 장단기 주가 수익률에 미치는 영향
The Effects of Privatization of State-Owned Enterprises on IPO Firms' Initial and Long-term Returns 원문보기

Asia-Pacific journal of business = 아태비즈니스연구, v.12 no.2, 2021년, pp.97 - 114  

김성환 (경북대학교 경영학부) ,  리신위 (경북대학교 경영학부) ,  리우용샹 (경북대학교 경영학부)

Abstract AI-Helper 아이콘AI-Helper

Purpose - The purpose of this study was to examine the effects of privatization of Chinese state-owned enterprises (SOEs) on their initial returns and long-term performance after initial public offering(IPO). Design/methodology/approach - This study used 1,599 Chinese IPO firms, some of which were S...

주제어

참고문헌 (59)

  1. 김성환, 김진산, 류아기 (2011), "중국 국유기업 민영화가 기업가치에 미치는 영향", 한국산업경영학회 발표논문집, 58-91. 

  2. 김현숙 (2006), "우리나라 공기업 민영화가 기업경영성과에 미친 영향에 관한 실증분석", 재정논집, 22(1), 35-60. 

  3. 조동근, 이영철 (2006), "중국 상장기업 국유지분율이 기업성과에 미치는 영향에 관한 실증연구-중국 상장제조업을 중심으로", 재정정책논집, 8(1), 83-108. 

  4. 주경태, 윤성식 (2006), "공기업 민영화 정책의 효과성에 관한 연구", 행정논총, 44(3), 67-92. 

  5. 진빈, 권남훈 (2016), "중국 국유기업의 민영화 요인 및 민영화가 경영성과에 미치는 영향", 동북아경제연구, 28(4), 63-97. 

  6. 최승두 (2016), "기간통신사업자 민영화 IPO의 저가발행의 결정요인", 정보통신정책연구, 23(3), 51-73. 

  7. 탄진, 김성환 (2018), "중국 국유기업 민영화: 비효율성 전가 vs. 효과적 시장 타이밍", 아태연구, 25(4), 225-253. 

  8. Alchian, A. (1965), "Some Economics of Property Rights", Il Politico, 30, 816-823. 

  9. Bai, C. E., J. Y. Lu and Z. G. Tao (2006), "An Empirical Study on the Effects of Ownership Reform in China", Economic Research Journal, 8, 4-13. 

  10. Bai, C. E., Z. J. Qian and K. P. Wu (2008), "Determinants of Factor Shares in China's Industrial Sector", Economic Research Journal, 2, 16-28. 

  11. Biais, B. and E. Perotti (2002), "Machiavellian Privatization", American Economic Review, 92, 240-258. 

  12. Boardman, A. E. and A. R. Vining (1989), "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-owned Enterprises", Journal of Law and Economics, 32(1), 1-33. 

  13. Brandt, L., J. Roberts and H. Li (2003), Governments, Banks, and Firms: The Case of Privatization in China, Mimeo. Department of Economics, University of Toronto. 

  14. Chen, Lin and Yan-Yan Xiong (2004), "From Government to Market: A Literature Review of the Privatization of Foreign State-owned Enterprises", Comparative Economic & Social Systems, 3, 58-64. 

  15. Chen, Xiao-Yue and Xiao-Dong Xu (2001), "Ownership Structure, Corporate Performance and Investor Interest Protection", Economic Research Journal, 11, 3-12. 

  16. Chowdhry, B. and A. Sherman (1996), "International Differences in Oversubscription and Underpricing of IPOs", Journal of Corporate Finance, 2(4), 359-381. 

  17. Dewenter, K. and P. Malatesta (1997), "Public Offerings of State-owned and Privately-owned Enterprises: an International Comparison", Journal of Finance, 52(4), 1659-1679. 

  18. Dewenter, K. and P. H. Malatesta (2001), "State-owned and Privately-owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity", American Economic Review, 91(1), 320-334. 

  19. Dong, X. Y., L. Putterman and B. Unel (2006), "Privatization and Firm Performance: A Comparison between Rural and Urban Enterprises in China", Journal of Comparative Economics, 34(3), 608-633. 

  20. Du, Ying and Li-Guo Liu (2002), "Ownership Structure and Corporate Governance Efficiency: An Empirical Study and Analysis of Chinese Listed Companies", Management World, 11, 124-133. 

  21. Galal, A., L. Jones, P. Tandon and I. Vogelsang (1992), Welfare Consequences of Selling Public Enterprises, Washington, D. C.: The Word Bank. 

  22. Garnaut, R., L. Song, S. Tenev and Y. Yao (2003), A Study of Firm Restructuring in China, Manuscript. Washington. D. C.: The World Bank. 

  23. Guo, K. and Y. Yao (2005), "Causes of Privatization in China: Testing Several Hypotheses", Economics of Transition, 13(2), 211-238. 

  24. Gupta, N., J. C. Ham and J. Svejnar (2001), Priorities and Sequencing in Privatization: Theory and Empirical Evidence from the Czech Republic, Working Paper 323, Ann Arbor, Michigan: William Davidson Institute. 

  25. Hu, Yi-Fan, Min Song and Jun-Xi Zhang (2006), "Does Privatization Work in China?", Economic Research Journal, 7, 49-60. 

  26. Hughes, P. and A. Thakor (1992), "Litigation Risk, Intermediation, and the Underpricing of Initial Public Offerings", Review of Financial Studies, 5(4), 709-742. 

  27. Ibbotson, R. (1975). "Price Performance of Common Stock New Issues", Journal of Financial Economics, 2, 235-272. 

  28. Jiang, G. H., H. Yue and L. K. Zhao (2009), "A Re-examination of China's Share Issue Privatization", Journal of Banking and Finance, 33(12), 2322-2332. 

  29. Li, Guang-Zi and Li Liu (2004), "Why Do Governments Dump State Enterprises? Evidence from China", Ito, T. and A. Krueger. (eds.) Governance. Regulation and Privatization, Chicago, IL: University of Chicago Press, 211-230. 

  30. Li, Guang-Zi and Li Liu (2010), "Privatization Performance of Listed Companies: A Test Based on Political Views", World Economy, 11, 1-16. 

  31. Li, H. (2002), "Government's Budget Constraint, Competition, and Privatization: Evidence from China's Rural Industry", Journal of Comparative Economics, 31, 486-502. 

  32. Li, Nan and Zhen Qiao (2010), "An Empirical Analysis of the Effect of State-owned Enterprise Reform Policy-Based on the Estimation of Double Difference Model", The Journal of Quantitative & Technical Economics, 2, 3-21. 

  33. Li, S., S. Li and W. Zhang (2000), "The Road to Capitalism: Competition and Institutional Change in China", Journal of Comparative Economics, 28(2), 269-292. 

  34. Li, Y. Q. and X. J. Zhang (2008), "A Comparative Study on Corporate Performance of Before & Post-Privatization of Chinese SOEs", NanKai Economic Studies, 4, 97-108. 

  35. Liao Qi-Cheng (2019), "The Development Prospects of Private Economy in the New Era", Study Monthly, 6, 30-31. 

  36. Liu, Xiao-Xuan (2000), "The Impact of the Structure of China's Industrial Enterprise's Ownership on Its Efficiency", Economic Research Journal, 2, 1-11. 

  37. Liu, Xiao-Xuan (2004), "Analysis of the Effect of Privatization Reform on China's Industrial Efficiency-Analysis of Industrial Data from the 2001 National Census", Economic Research Journal, 8, 16-26. 

  38. Ljungqvist, A., T. Jenkinson and W. Wilhelm (2003), "Global Integration of Primary Equity Markets: The Role of U.S. Banks and U.S. Investors", Review of Financial, 16(1), 63-99. 

  39. Megginson, W. L. and J. M. Netter (2001), "From State to Market: A Survey of Empirical Studies on Privatization", Journal of Economic Literature, 39(2), 321-389. 

  40. North, D. (1990), "Institutions, Institutional Change and Economic Performance", Political Economy of Institutions and Decisions, Cambridge, UK: Cambridge University Press, 1-164. 

  41. Perotti, E. (1995), "Credible Privatization", American Economic Review, 85, 847-859. 

  42. Qi, D., W. Wu and H. Zhang (2000), "Shareholding Structure and Corporate Performance of Partially Privatized Firms: Evidence from Listed Chinese Companies", Pacific Basin Finance Journal, 8(5), 587-610. 

  43. Qian, S. and Wilson H. S. Tong (2001), "China Share Issue Privatization: the Extent of Its Success", Journal of Financial Economics, 70(2), 183-222. 

  44. Ramamurti, R. (1999), "Why Haven't Developing Countries Privatized Deeper and Faster?" World Development, 27(1), 137-155. 

  45. Rock, K. (1986), "Why New Issues are Underpriced?", Journal of Financial Economics, 15, 187-212. 

  46. Rousseau, P. L. and X. Sheng (2007), "Change of Control and the Success of China's Share Issue Privatization", China Economic Review, 605-640. 

  47. Shan, Di (2004), "Privatization: A Strategic Choice for Economic Adjustment", Economist, 2, 41-246. 

  48. Su, J. and G. Jefferson (2003), A Theory of Decentralized Privatization: Evidence from China, Mimeo., Graduate School of International Economics and Finance, Brandeis University. 

  49. Sun, Q. and W. H. S. Tong (2003), "China Share Issue Privatization: The Extent of Its Success", Journal of Financial Economics, 70(2), 183-222. 

  50. Tian, Guo-Qiang. and Wei Cui (2004), "Prospects for the Development of China's Private Economy", Studies in International Technology & Economy, 1, 39-43. 

  51. Xu, Xiao-Nian (1997), "Establish Corporate Governance Mechanism and Capital Market with Legal Person Institutions as the Mainstay", China Reform, 5, 28-34. 

  52. Yang, Yao (1998), "The Influence of Non-state-owned Economic Components on the Technical Efficiency of My Country's Industrial Enterprises", Economic Research Journal, 12, 29-35. 

  53. Ye, Di (2012), "Research on the Internationalization Transformation of Chinese Private Enterprises", Science and Technology Management Research, 32(11), 110-113. 

  54. Yu Ming-Gui, Hui-Jie Zhong and Rui Fan (2019), "Privatization, Financing Constraints and Enterprise Innovation: Evidence from Chinese Industrial Enterprises", Journal of Finance, 4, 75-91. 

  55. Yu, M. G., W. G. Li and H. B. Pan (2013), "Privatization, Property Rights Protection and Corporate Risk-Taking", Economic Research Journal, 9, 112-124. 

  56. Yu, W. and Y. Zheng (2012), "Can Privatization Improve Firm Performance in China?" Management Review, 24(5), 44-52. 

  57. Zhang, A. M., Y. M. Zhang and R. Zhao (2001), "Impact of Ownership and Competition on the Productivity of Chinese Enterprises", Journal of Comparative Economics, 29, 327-346. 

  58. Zheng, J. H., X. X. Liu and A. Bigsten (1998), "Ownership Structure and Determinants of Technical Efficiency: An Application of Data Envelopment Analysis to Chinese Enterprises(1986-1990)", Journal of Comparative Economics, 26, 465-484. 

  59. Zhou, Kai-Quo and Tao Li (2006), "State-owned Equity, Soft Budget Constraints and Company Value", World Economy, 5, 84-96. 

관련 콘텐츠

이 논문과 함께 이용한 콘텐츠

저작권 관리 안내
섹션별 컨텐츠 바로가기

AI-Helper ※ AI-Helper는 오픈소스 모델을 사용합니다.

AI-Helper 아이콘
AI-Helper
안녕하세요, AI-Helper입니다. 좌측 "선택된 텍스트"에서 텍스트를 선택하여 요약, 번역, 용어설명을 실행하세요.
※ AI-Helper는 부적절한 답변을 할 수 있습니다.

선택된 텍스트

맨위로