财经论丛
財經論叢
재경론총
COLLECTED ESSAYS ON FINANCE AND ECONOMICS
2014年
6期
46-52
,共7页
国有股权%私有化%政府定价管制%IPO长期收益率
國有股權%私有化%政府定價管製%IPO長期收益率
국유고권%사유화%정부정개관제%IPO장기수익솔
state ownership%privatization%government pricing regulations%long-run IPO performance
本文选择1990年至2011年6月30日的中国A股IPO公司为研究样本，研究国有股权对IPO长期收益率的影响，并进一步探讨政府定价管制程度对国有股权与IPO长期收益率之间关系的影响。 Cluster回归结果表明，国有股权比例越高， IPO长期收益率越低；政府定价管制程度较高公司的IPO长期收益率因国有股权而降低。本文深化了国有股权对IPO长期收益率影响方面的研究，有助于认识国有企业私有化过程中的政府行为及其影响，理解证券市场发展过程中政府、企业与市场之间的关系。
本文選擇1990年至2011年6月30日的中國A股IPO公司為研究樣本，研究國有股權對IPO長期收益率的影響，併進一步探討政府定價管製程度對國有股權與IPO長期收益率之間關繫的影響。 Cluster迴歸結果錶明，國有股權比例越高， IPO長期收益率越低；政府定價管製程度較高公司的IPO長期收益率因國有股權而降低。本文深化瞭國有股權對IPO長期收益率影響方麵的研究，有助于認識國有企業私有化過程中的政府行為及其影響，理解證券市場髮展過程中政府、企業與市場之間的關繫。
본문선택1990년지2011년6월30일적중국A고IPO공사위연구양본，연구국유고권대IPO장기수익솔적영향，병진일보탐토정부정개관제정도대국유고권여IPO장기수익솔지간관계적영향。 Cluster회귀결과표명，국유고권비례월고， IPO장기수익솔월저；정부정개관제정도교고공사적IPO장기수익솔인국유고권이강저。본문심화료국유고권대IPO장기수익솔영향방면적연구，유조우인식국유기업사유화과정중적정부행위급기영향，리해증권시장발전과정중정부、기업여시장지간적관계。
Few studies have been focused on the relationship between state ownership and long -run IPO performance , nor have government regulations been taken into account in previous research .This paper selects as samples from the data of A-share IPO companies from 1990 to 30 June 2011, and examines the effects of state ownership on long-run performance of IPO companies and government pricing regulations on the relationship between state ownership and long -run IPO performance . Cluster regression results show that long-run IPO performance decreased in companies of higher levels of state ownership , and in companies with stricter government pricing regulations .This paper deepens the research concerning the effects of state own-ership on long-run IPO performance , helps to know more about government behavior and its influence in the process of privati -zation of state-owned enterprises , and helps to understand the relationship between government , enterprise and market in the development of China's securities markets .
