CAJ | 학술논문

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。
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 privatization of state-owned enterprises, and helps to understand the relationship between government, enterprise and market in the development of China＇s securities markets.