| Summary: | 碩士 === 國立中正大學 === 財務金融研究所 === 100 === This study investigates whether the state-ownership (SOP) can significantly affect the performance of China’s airline industry over the period from the first quarter of 1994 to the fourth of quarter 2011. The study includes six sample airline firms; five are listed in the Shanghai Stock Exchange and one is listed in the Shenzhen Stock Exchange. Six measures of corporate performance are profitability, stock market performance, solvency, operating efficiency, growth opportunity and risk. Panel regression test results show that the state-ownership, size, the growth of GDP and the event of SARS outbreak affect the performance of China’s airline industry. Further, the relationship between firm performance and the proportion of shares owned by the state is U-shaped, whereas the relationship between state-ownership and firm risk is inverted U-shape. Specifically, an inverted U-shaped represents the effects of SOP on airline performance, indicating that SOP have a significantly negative impact on airline performance up to a turning point. However, when SOP is greater than their corresponding turning points, this factor can significantly raise airline performance.
|
|---|
