6) 7) MBO management buy-out 2 necessity sufficiency ) 21

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1 1) % 17.5% 26.9% 64.9% 63.3% 48.9% 2) % 59.0% 61.8% 78.6% 46.5% % 19.9% 18.7% 42% 11.9% 3) 4) TCL 5) Vol. 52, No. 4, October 06

2 6) 7) MBO management buy-out 2 necessity sufficiency ) 21

3 : ) % , , , ,263 B 22 Vol. 52, No. 4, October 06

4 3 SIP share issue privatization 01 10) Xu and Wang Brada, ) SIP 2 Wei et al

5 SIP net profit 1 12) 50% return on sales: ROS 1 Sun and Tong SIP SIP real net profit: RNP real earnings before interest and tax: real EBIT real sales: RS 1 RS EBIT ROS EBIT EBIT/sales Wei et al ) 2 SIP 50% RNP EBIT RS EBIT SIP 4 SIP SIP 50% 14) 24 Vol. 52, No. 4, October 06

6 B ) 1993 Sun and Tong SinoFin-CCER ) 2 A

7 ,060 1,136 1,0 1,263 A A A ROS ROE ROA DAR MC/SALE 17) ROS ROE ROA MC/SALE ROS ROE ROA 26 Vol. 52, No. 4, October 06

8 5 ROS: Return on Sales ROE: Return on Equity ROA: Return on Assets DAR: Debt-Asset Ratio MC/SALE% 1) ) :

9 ΔROS ΔROE ΔROA ΔROS ΔROA ΔROE ΔMC/SALEΔMC/SALE 2 2 ΔMC/SALE ΔROS 1 ΔMC/SALE 0.7 ΔROS Vol. 52, No. 4, October 06

10 ΔMC/SALE 3.7 ΔROS 8.7 ΔMC/SALE ΔROS ΔMC/SALE DAR DAR DAR ΔROE ΔROS ΔROA ΔROE ΔMC/SALE 6 DAR 2 29

11 ΔROS ΔROE Δ y ROE Δ y ROS Δ y ROA Δ y ROS 6 ΔROE ΔROS ΔROA 6 ROE ROA ROS ROA ΔROS ΔROA Δ y ROS Δ y ROA ΔROS ΔROA 30 Vol. 52, No. 4, October 06

12 ) 3, 1 1, 3 Z ) ΔROS ΔROE ΔROA ΔyROS Δ y ROE Δ y ROA Δ y ROS Δ y ROE Δ y ROA Z 3, 1 4, ** *** ** * ** ** ** * * *** ** ** *** ** * *** ** ** ** *** *** Wilcoxon Wilcoxon *** ** * 1% 5% 10% Δ y ROS Δ y ROA ΔROS ΔROA ΔROS 31

13 ΔROA ΔROS ΔROA ROE ΔROE Δ y ROE ROA ROE 7 7 ΔDAR ΔMC/SALE 32 Vol. 52, No. 4, October 06

14 7 ΔMC/SALE ΔDAR , 1 43, , , , , , , , , , , , , , 3 95, , , , , , , , , , , , , , , Z 3, 1 51, , *** 38, , , , *** 43 44, , , , *** 17, , * 17, , *** 43 16, , , , *** 18, , * 17, , *** 43 23, , *** 2.878*** 2.036** *** 2.501** * , ** 1.698* , 6 147, , , , , , , , , , , , , , , , Z 109, , *** 2.023** 80, , *** 72, , *** 2.628*** 41, , *** 28, , *** , , *** *** 2.801*** 3.234*** 1, , *** 2.318** * * 2.315** ** Wilcoxon Wilcoxon *** ** * 1% 5% 10%

15 8 Z 48, , , , DAR * ROS ROE ** ROA Wilcoxon ** * 5% 10% ROS ROE ROA 2 8 ROS ROA ROE ROE 34 Vol. 52, No. 4, October 06

16 1 Δ y ROE ΔROE 2 Δ y ROS Δ y ROA ROS ROA 1 3 ROS ROA ROE ROE

17 ROE 1) 2 2) ) ) 01 5) TCL ) CEO MBO 04 7) ) : ) 10 central securities clearing system HKSCC Hong Kong Securities Clearing Company Limited 10) de facto privatization ) Zinnes, Eilat, and Sachs 01 deep privatization Megginson and Netter 01 12) state ownership 50% 50% 36 Vol. 52, No. 4, October 06

18 2 13) government ownership 11 14) 15) ) 02 17) 04 Brada, Josef C. (1996), Privatization is transition-or is it?, Journal of Economic Perspectives, 10 (2), pp David J. Sheskin (00), Parametric and Nonparametric Statistical Procedures, Boca Raton, CRC Press. Megginson, William L. and Jeffry M. Netter (01), From state to market: a survey of empirical studies on privatization, Journal of Economic Literature, 39 (2), pp Sun, Qian and Wilson H.S. Tong (03), China share issue privatization: the extent of its success, Journal of Financial Economics, 70, pp Wei, Zuobao, Oscar Varela, Juliet D Souza, and M. Kabir Hassan (03), The financial and operating performance of China s newly privatized firms, Financial Management, 32 (2), pp Xu, X. and Wang Y. (1997), Ownership structure, corporate governance, and corporate performance, Policy Research Working Paper, 1794, pp Zinnes, Clifford, Yair Eilat, and Jeffrey Sachs (01), The gains from privatization in transition economies: is change of ownership enough?, IMF Staff Papers, 48, pp S

19 http://business.sohu.com/s04/guoqigaige.shtml /n shtml 38 Vol. 52, No. 4, October 06

1 2003 7 2005 6 2 1 2000 2002 2003 80.052 86.7 39 26.374 3 3 2 2 8 500 8 2008 6.4 10.3% 10 2008 3 11.7 10.6 9.9 9.3 3 1998 100 1999 3 71.2 2005 2007 17.9 14.1 1989 4 20 6 4 2004 1 4 5 5 ROA ROE 5 6 60

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