大陸民營化與公司治理之長期績效研究

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...

Full description

Bibliographic Details
Main Authors: 簡曉薇, Chien, Hsiao-Wei
Language:英文
Published: 國立政治大學
Online Access:http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G91NCCU2872012%22.
id ndltd-CHENGCHI-G91NCCU2872012
record_format oai_dc
spelling ndltd-CHENGCHI-G91NCCU28720122013-01-07T19:32:06Z 大陸民營化與公司治理之長期績效研究 The Long-run performance of privatization and corporate governance in China 簡曉薇 Chien, Hsiao-Wei 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. 國立政治大學 http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G91NCCU2872012%22. text 英文 Copyright © nccu library on behalf of the copyright holders
collection NDLTD
language 英文
sources NDLTD
description 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.
author 簡曉薇
Chien, Hsiao-Wei
spellingShingle 簡曉薇
Chien, Hsiao-Wei
大陸民營化與公司治理之長期績效研究
author_facet 簡曉薇
Chien, Hsiao-Wei
author_sort 簡曉薇
title 大陸民營化與公司治理之長期績效研究
title_short 大陸民營化與公司治理之長期績效研究
title_full 大陸民營化與公司治理之長期績效研究
title_fullStr 大陸民營化與公司治理之長期績效研究
title_full_unstemmed 大陸民營化與公司治理之長期績效研究
title_sort 大陸民營化與公司治理之長期績效研究
publisher 國立政治大學
url http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G91NCCU2872012%22.
work_keys_str_mv AT jiǎnxiǎowēi dàlùmínyínghuàyǔgōngsīzhìlǐzhīzhǎngqījīxiàoyánjiū
AT chienhsiaowei dàlùmínyínghuàyǔgōngsīzhìlǐzhīzhǎngqījīxiàoyánjiū
AT jiǎnxiǎowēi thelongrunperformanceofprivatizationandcorporategovernanceinchina
AT chienhsiaowei thelongrunperformanceofprivatizationandcorporategovernanceinchina
_version_ 1716465172988559360