| Summary: | 無 === We attempt to examine the long-run performance of privatization and the ownership structure. Previous studies focused on the long-run performance, operating performance of privatization, or ownership related to corporate values of Initial Public Offerings (IPOs) , separately. This study contributes to the long-run performance of privatization and corporate governance in China. We have examined 756 IPOs listed on China's Shanghai and Shenzhen stock exchanges from 1993 to 1998, and our findings indicated privatization did improve the long-term performance of IPOs in China. The long-run performance of IPOs is negatively related to the proportion of state-owned shares. We also found that corporate governance did improve IPO long-run performance; the addition of employee shares, legal-person shares, and directorial shareholdings are positively related to the long-run performance of IPOs. Besides, if it exists a second largest shareholder, the long-run performances of these IPOs perform well. But the addition of public shareholding is negatively correlated to the long-run performance of IPOs in China. These findings suggested that the ownership structure compositions could affect the long-run performance of listed firms in China.
Key words : privatization, corporate governance, ownership structure, state shareholding, government shareholding, stock market, China.
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