| dc.contributor.advisor | 劉玉珍 | zh_TW |
| dc.contributor.advisor | Liu, Yu-Jane | en_US |
| dc.contributor.author (Authors) | 簡曉薇 | zh_TW |
| dc.contributor.author (Authors) | Chien, Hsiao-Wei | en_US |
| dc.creator (作者) | 簡曉薇 | zh_TW |
| dc.creator (作者) | Chien, Hsiao-Wei | en_US |
| dc.date (日期) | 2001 | en_US |
| dc.date.accessioned | 18-Sep-2009 19:19:02 (UTC+8) | - |
| dc.date.available | 18-Sep-2009 19:19:02 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-Sep-2009 19:19:02 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G91NCCU2872012 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/36698 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 89357020 | zh_TW |
| dc.description (描述) | 90 | zh_TW |
| dc.description.abstract (摘要) | 無 | zh_TW |
| dc.description.abstract (摘要) | We attempt to examine the long-run performance of privatization and the ownership structure. Previous studies focused on the long-run performance, operating performance of privatization, or ownership related to corporate values of Initial Public Offerings (IPOs) , separately. This study contributes to the long-run performance of privatization and corporate governance in China. We have examined 756 IPOs listed on China`s Shanghai and Shenzhen stock exchanges from 1993 to 1998, and our findings indicated privatization did improve the long-term performance of IPOs in China. The long-run performance of IPOs is negatively related to the proportion of state-owned shares. We also found that corporate governance did improve IPO long-run performance; the addition of employee shares, legal-person shares, and directorial shareholdings are positively related to the long-run performance of IPOs. Besides, if it exists a second largest shareholder, the long-run performances of these IPOs perform well. But the addition of public shareholding is negatively correlated to the long-run performance of IPOs in China. These findings suggested that the ownership structure compositions could affect the long-run performance of listed firms in China. Key words : privatization, corporate governance, ownership structure, state shareholding, government shareholding, stock market, China. | en_US |
| dc.description.tableofcontents | Abstract-----1 Ⅰ. Introduction-----2 Ⅱ. Literature Review-----6 A. Privatization-----6 B. China`s Stock Market-----8 C. Long-run Performance of IPOs-----9 Ⅲ. Characteristics of China`s Stock Market-----10 A. Development of China`s Stock Market-----10 B. Ownership Structure of IPOs-----11 C. Importance of Privatization in China-----12 Ⅳ. Data and Hypotheses-----15 A. Data Description-----15 B. Testable Hypotheses-----16 Ⅴ. Empirical Analyses-----22 A. Descriptive Statistics-----22 B. Long-run Performance with State shareholdings-----23 C. Comparison Analyses-----25 D. Regression Analyses-----26 E. Robustness Tests-----31 Ⅵ. Conclusions and Suggestions-----32 A. Conclusions-----32 B. Suggestions to the follow-up research-----33 References-----35 Tables and Figures Table1. Total Market Capitalization/GDP by Year, 1991-2000-----38 Table2. Definitions and Predictions of Variables-----40 Table3. Summary Statistics of Variables : Three-year Model-----43 Table4. Long-run Performance of IPOs classified by State Shareholding-----44 Table5. Comparison of Long-run Performance and Characteristics of Firms-----46 Table6. Simple Regression Results : Three-year Return Model-----48 Table7. IPO long-run performance and ownership structure : Three-year Model-----49 Table8. IPO long-run performance with state-related dummy variables-----51 Figure1. Total Market Capitalization/GDP by Year, 1991-2000-----39 Figure2. After-market Performance for the portfolio of 691 IPOs in 1993-98-----43 Figure3. After-market Performance for the portfolio of 436 IPOs classified by State-----45 Figure4. Proportion of Sample Firms according to the Change of State Shareholding-----45 Appendix1-1. The Correlation Coefficients of Ownership Variables : Three-year Model-----52 Appendix1-2. The Correlation Coefficients of All Variables : Three-year Model-----53 Appendix2. Stepwise Regression Results : Three-year Return as the Dependent Variable-----55 Appendix3. Simple Regression Results : Five-year Return Model-----56 Appendix4. Stepwise Regression Results : Five-year Return as the Dependent Variable-----57 Appendix5. IPOs long-run performance and ownership structure : Five-year Model-----58 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G91NCCU2872012 | en_US |
| dc.title (題名) | 大陸民營化與公司治理之長期績效研究 | zh_TW |
| dc.title (題名) | The Long-run performance of privatization and corporate governance in China | en_US |
| dc.type (資料類型) | thesis | en |
