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

1) 1997 15 02 03 751 1998 8 9 04 1996 16.1% 17.5% 26.9% 64.9% 63.3% 48.9% 2) 02 54.8% 59.0% 61.8% 78.6% 46.5% 1996 17.8% 19.9% 18.7% 42% 11.9% 3) 4) 01 3 1 3 2 03 04 1 TCL 5) Vol. 52, No. 4, October 06

6) 7) MBO management buy-out 2 necessity sufficiency 2 3 1 1 8) 21

1 1 00 5 03: 226 228 2 9) 1 02 1 4 1% 1994 44. 43.93 287 1995 43.23 42.39 311 1996 43.66 42.51 514 1997 44.55 43.72 7 1998 45.35 44.61 825 1999 45.33 44.61 923 00 44.70 44.28 1,060 01 44.02 43.41 1,136 02 43.42 43.03 1,0 03 42.52 41.26 1,263 B 22 Vol. 52, No. 4, October 06

3 SIP share issue privatization 01 10) Xu and Wang 1997 1993 1995 00 1995 92 1996 1999 4 01 1996 1999 00 3 05 1997 151 1998 02 Brada, 1996 11) SIP 2 Wei et al. 03 1990 1997 3 8 23

SIP net profit 1 12) 50% return on sales: ROS 1 Sun and Tong 03 1994 1998 634 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. 03 13) 2 SIP 50% RNP EBIT RS EBIT SIP 4 SIP SIP 50% 14) 24 Vol. 52, No. 4, October 06

1994 1994 1994 1998 737 B 737 651 1994 1995 1996 1997 1998 9 18 153 179 92 1994 15) 1993 Sun and Tong 03 1992 11 1994 1994 1993 651 1995 00 112 45 67 1 2 3 109 SinoFin-CCER 10 1998 3 1998 16) 2 A 1998 03 174 1998 651 107 3 651 25

2 1995 02 1995 1996 1997 1998 1999 00 01 02 03 1 3 9 17 17 23 17 34 53 174 311 514 7 825 923 1,060 1,136 1,0 1,263 A 3 651 1995 03 1995 1996 1997 1998 1999 00 01 02 03 0 2 6 11 10 16 9 19 34 107 227 380 559 651 651 651 651 651 651 651 4 1995 03 1995 1996 1997 1998 1999 00 01 02 03 A 0 4 16 26 35 29 29 33 26 198 651 0 4 13 21 26 23 18 19 144 A 04 4 2 3 5 ROS ROE ROA DAR MC/SALE 17) ROS ROE ROA MC/SALE 2 1994 03 651 ROS ROE ROA 26 Vol. 52, No. 4, October 06

5 ROS: Return on Sales ROE: Return on Equity ROA: Return on Assets DAR: Debt-Asset Ratio MC/SALE% 1) 100 100 2) 100 100 100 1 2 00: 150 1990 651 01 4 13 10 2 651 1994 03 651 27

651 1995 00 44 3 6 ΔROS ΔROE ΔROA 6 5 5 ΔROS ΔROA ΔROE ΔMC/SALEΔMC/SALE 2 2 ΔMC/SALE ΔROS 1 ΔMC/SALE 0.7 ΔROS 5.8 1 1 3 6 6 13 7 12 23 33 39 44 44 44 42 38 13 4 7 1 651 1995 00 44 28 Vol. 52, No. 4, October 06

4 6 6 13 6 15 26 38 52 65 65 65 61 57 43 25 10 7 1 651 1995 00 65 ΔMC/SALE 3.7 ΔROS 8.7 ΔMC/SALE ΔROS ΔMC/SALE DAR DAR DAR 2 4 65 ΔROE ΔROS ΔROA ΔROE ΔMC/SALE 6 DAR 2 29

ΔROS ΔROE 3 3 4 6 2 6 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

0.52 0.386 6 1) 3, 1 1, 3 Z 0.12 0.664 2) ΔROS ΔROE ΔROA ΔyROS Δ y ROE Δ y ROA Δ y ROS Δ y ROE Δ y ROA Z 3, 1 4, 6 1.67 5.74 7.42 44 3.91 1.50 2.41 2.509** 1.45 7.74 1.87 4.85 1.149 65 0.88 1.83 2.71 2.56 1.08 3.64 1.408 43 0.88 3.72 4.60 1.02 2.47 1.44 1.7 0.13 4.11 4.24 44 6.12 9.59 3.46 2.976*** 1.06 6.09 3.88 4.16 0.642 65 0.40 3.65 3.26 3.11 1.87 4.98 2.068** 43 0.40 3.64 2.07 0.87 9.18 6.71 1.1 0.369 7.15 8.04 2.016* 0.487 3.24 2.95 2.608** 1.13 0.60 1.73 44 2.67 0.60 2.07 2.474** 1.92 0.12 2.04 2.32 0.16 2.16 1.232 0.469 0.650 65 0.25 0.88 1.13 1.14 0.66 1.80 1.611 43 0.29 0.74 1.03 0.83 1.35 5.76 6.73 12.5 44 5.10 3.74 1.36 2.416** 4.78 5.88 10.66 3.06 0.17 2.89 1.605 0.840 0.103 65 4.19 2.01 6. 3.51 0.89 4.40 1.735* 43 4.67 5.84 10.52 1.70 3.58 1.88 1.690* 0.58 4.98 4.40 44 6.23 9.36 3.12 3.303*** 0.35 6.30 6.64 3.81 2.56 6.37 2.3** 0.753 0.487 65 1.25 4.38 3.13 3.51 1.87 5.38 2.356** 43 1.25 5.03 3.78 1.87 0.05 1.82 2.910*** 1.59 0.00 1.59 44 3.02 0.64 2.38 2.591** 2.39 0.71 3.10 2.61 0.68 1.93 1.1 0.284 0.413 65 0.38 1.14 1.52 1.45 0.62 2.07 1.970* 43 0.05 0.25 0. 1.02 1.13 5.18 2.93 2.25 44 5.09 4.73 4.73 0.560 5.85 2.87 2.98 4.70 6.68 1.98 0.448 0.766 1.048 65 5.92 3.74 2.18 4.92 2.76 2.16 3.408*** 43 5.92 2.17 3.75 4.17 2.87 1.30 2.560** 1.57 0.10 1.67 44 1.22 0.73 0.49 0.945 0.33 0.40 0.07 0.523 0.88 2.25 1.37 0.611 65 0.78 0.39 0.39 1.51 0.99 0.52 0.029 43 0.52 1.12 1.64 0.83 1.61 0.78 0.724 1.33 0.41 0.92 44 1.24 0.44 0.80 2.661** 1.19 0.50 0.69 1.11 0.51 0.60 2.128** 0.154 0.960 65 1.45 0.58 0.88 1.22 0.48 0.74 3.447*** 43 1.29 0.05 1.24 1.02 0. 1.22 3.502*** 0.635 1 3 3 3 Wilcoxon Wilcoxon *** ** * 1% 5% 10% 651 2 109 Δ y ROS Δ y ROA ΔROS ΔROA ΔROS 31

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

7 ΔMC/SALE ΔDAR 44 65 44 65 44 65 44 65 44 65 44 65 44 65 3, 1 43,896.48 53,984.95 45,811.79 81,186.78 19,347.04 26,022.57 18,182.57 38,050.71 21,681.99 27,7.73 26,868.89 42,314.86 1.92 2.06 1.76 1.98 516.97 698.43 516.85 1,360.32 0.16 1.67 1.06 2.59 4.22 3.36 0.69 2.01 1, 3 95,3.89 101,524.16 85,084.71 133,6.26 51,577.11 55,253.59 36,123.37 62,701.09 31,0.22 42,075.22 44,183.29 65,974.71 2.47 2.99 1.88 2.19 1,351.95 1,525.63 859. 1,346.31 4.94 2.98 1.75 0.51 7.42 7.88 2.77 1.63 Z 3, 1 51,307.41 47,539. 4.680*** 38,092.83 48,165.90 0.723 39,272.93 52,019.49 4.924*** 43 44,654.51 85,222.86 32,230.07 29,231.02 4.913*** 17,647.12 21,4.27 1.859* 17,940.79 24,650.38 4.107*** 43 16,900.62 40,642.17 9,518.23 14,867.49 3.104*** 18,931.64 26,4.08 1.754* 17,314.40 23,659.85 5.558*** 43 23,748.99 44,174.09 0.56 0.93 0.12 0.21 834.99 827.19 342.35 14.01 5.10 1.31 4.446*** 2.878*** 2.036** 43 4.131*** 2.501** 1.480 43 1.809* 1.223 1.83 1.89 1.76 1.94 417.26 582.54 443.87 1,662.01 0.14 0.67 0.69 2.08 1.526 43 1.89 0.79 3.19 4.52 2.08 0.37 2.287** 1.698* 0.003 43 2.83 1.41 0.69 2.80 4, 6 147,414.34 1,357.33 124,752.72 181,826.55 90,124.63 118,047.52 58,700.78 84,958.55 47,514.84 68,809.43 61,342.40 90,327.53 2.74 3.40 1.98 2.19 1,552.96 2,633.19 1,271.84 1,736.83 9.81 6.05 5.47 1.17 9.13 10.40 1.57 1.76 Z 109,321.51 153,191.43 3.808*** 2.023** 80,098.21 96,603.68 4.878*** 72,477.51 96,843.25 3.808*** 2.628*** 41,800.16 44,316.38 3.900*** 28,583. 42,389.35 3.397*** 0.177 37,593.42 46,153.44 4.999*** 0.92 1.51 0.23 0.25 3.547*** 2.801*** 3.234*** 1,135.70 2,050.65 3.173*** 2.318** 827.97 74.81 1.521 9.67 6.72 1.829* 1.004 3.58 0.38 6.31 8.99 0.89 1.04 1.980* 2.315** 0.097 2.215** 3 3 3 Wilcoxon Wilcoxon *** ** * 1% 5% 10% 109 33

8 Z 48,236.95 59,081.06 49,168.22 84,722.35 0.963 DAR 48.01 48.33 41.72 42.47 1.840* ROS 7.49 8.13 8.92 9.85 0.741 ROE 8.96 2.66 10.59 5.47 2.050** ROA 4.74 3.38 5.70 5.05 1.612 Wilcoxon ** * 5% 10% 109 3 ROS ROE ROA 2 8 ROS ROA ROE ROE 34 Vol. 52, No. 4, October 06

1 Δ y ROE ΔROE 2 Δ y ROS Δ y ROA ROS ROA 1 3 ROS ROA ROE ROE 4 5 2 35

ROE 1) 2 2) 1998 76 81 84 89 3) 1998 76 81 03 58 66 4) 01 5) TCL 1990 04 6) CEO MBO 04 7) 3 04 8) 1994 11 03: 485 489 9) 10 central securities clearing system HKSCC Hong Kong Securities Clearing Company Limited 10) de facto privatization 0303 11) Zinnes, Eilat, and Sachs 01 deep privatization Megginson and Netter 01 12) state ownership 50% 50% 36 Vol. 52, No. 4, October 06

2 13) government ownership 11 14) 15) 01 1993 3 16) 02 17) 04 Brada, Josef C. (1996), Privatization is transition-or is it?, Journal of Economic Perspectives, 10 (2), pp. 67 86. 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. 321 389. Sun, Qian and Wilson H.S. Tong (03), China share issue privatization: the extent of its success, Journal of Financial Economics, 70, pp. 183 222. 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. 107 126. Xu, X. and Wang Y. (1997), Ownership structure, corporate governance, and corporate performance, Policy Research Working Paper, 1794, pp. 1 56. 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. 146 170. 02 137 154 03 S. 1984 1956 05 5 1 21 04 53 3 102 132 03 49 2 45 63 04 9 79 90 00 01 55 9 1 00 8 28 35 01 11 3 11 1998 1998 1996 1996 04 37

8 16 http://finance.sina.com.cn/t/040816/12951523.shtml 04 9 8 http://business.sohu.com/040908/n221934755.shtml 03 7 16 1 04http://business.sohu.com/s04/guoqigaige.shtml 00 105 127 01 19 26 30 03 03 0303 049 11 http://business.sohu.com/ 040911/n221992495.shtml E-mail: xutaoj@ybb.ne.jp 38 Vol. 52, No. 4, October 06