Earticle

초록

영어

Using firm level data of listed manufacturing firms, public services and utilities (stock A) at Shanghai and Shenzhen Security Exchanges from 1994 to 2008, we investigate the effects of privatization in China on the values of privatized firms. In particular, we analyzed how the state ownership, firm ownership, individual ownership, foreign ownership, ownership concentration and government subsidies affect firm values after privatization. As a result, we found that (1) the privatization improved the value of the firm, that (2) the state ownership showed a negative effect, while legal ownership, individual ownership and foreign ownership showed a positive effect on the firm value, that (3) The ownership concentration by the largest shareholder showed a U shaped relationship with values of privatized firms and that (4) government subsidies for firms showed a positive effect on the firms in privatization. From this study, we can infer that the privatization of firms in China has been successfully implemented not only through ownership transfer from the government to the private sector and effective subsidies from the government.

목차

Abstract
 Ⅰ. Introduction
 Ⅱ. Literature Review
 Ⅲ. Research Design
  1. Data
  2. Model and Variables
 Ⅳ. Test Results
  1. Data Analysis
  2. Mean Comparison Test and Correlation Analysis
  3. Regression Analysis
 V. Conclusion
 References

키워드

저자

• Kim, Sunghwan [ Assistant Professor, School of Business Administration, Kyungpook National University ]
• Tan, Jin [ Assistant Professor, Corresponding Author, School of Business Administration, Kyungpook National University ]
• Choi, Miniung [ Graduate Student, School of Business Administration, Kyungpook National University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330