主  题: Ultimate Control Transfer, Complete Privatization, and Firm Performance in China 

内容简介:  We investigate the determinants and consequences of complete  privatization for China’s listed SOEs. We find that economic and  political factors both affect the decision of complete privatization. In  particular, less productive SOEs with poor financial conditions face  higher probability of complete privatization in comparisons with their  better performing counterparts. The likelihood of complete privatization  is especially higher for SOEs in the non-strategically industries or  SOEs affiliated to the municipal governments. After complete  privatization, profitability, productivity, and financial conditions are  substantially improved, and the sources of improvements in productivity  mainly comes from labor reduction. Furthermore, we find the complete  privatization with business line change has more positive effects on  firm performance. Our results suggest that Chinese government should  continue to play a more active role in transferring control of listed  SOEs to private entities and have moderate intervention of the corporate  sector.

报告人: 战嵩      助理教授

时  间: 2018-10-17    16:00 

地  点: 位育楼117 

举办单位: 银行与货币研究院