| dc.contributor.advisor | 劉玉珍 | zh_TW |
| dc.contributor.advisor | Liu, Yu-Jane | en_US |
| dc.contributor.author (作者) | 簡曉薇 | zh_TW |
| dc.contributor.author (作者) | 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 | 18-九月-2009 19:19:02 (UTC+8) | - |
| dc.date.available | 18-九月-2009 19:19:02 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-九月-2009 19:19:02 (UTC+8) | - |
| dc.identifier (其他 識別碼) | G91NCCU2872012 | en_US |
| dc.identifier.uri (URI) | https://ah.lib.nccu.edu.tw/item?item_id=38019 | - |
| 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.\r\n\r\n Key words : privatization, corporate governance, ownership structure, state shareholding, government shareholding, stock market, China. | en_US |
| dc.description.tableofcontents | Abstract-----1\r\nⅠ. Introduction-----2\r\n\r\nⅡ. Literature Review-----6\r\n A. Privatization-----6\r\n B. China`s Stock Market-----8\r\n C. Long-run Performance of IPOs-----9\r\n\r\nⅢ. Characteristics of China`s Stock Market-----10\r\n A. Development of China`s Stock Market-----10\r\n B. Ownership Structure of IPOs-----11\r\n C. Importance of Privatization in China-----12\r\n\r\nⅣ. Data and Hypotheses-----15\r\n A. Data Description-----15\r\n B. Testable Hypotheses-----16\r\n\r\nⅤ. Empirical Analyses-----22\r\n A. Descriptive Statistics-----22\r\n B. Long-run Performance with State shareholdings-----23\r\n C. Comparison Analyses-----25\r\n D. Regression Analyses-----26\r\n E. Robustness Tests-----31\r\n\r\nⅥ. Conclusions and Suggestions-----32\r\n A. Conclusions-----32\r\n B. Suggestions to the follow-up research-----33\r\n\r\nReferences-----35\r\n\r\nTables and Figures\r\nTable1. Total Market Capitalization/GDP by Year, 1991-2000-----38\r\nTable2. Definitions and Predictions of Variables-----40\r\nTable3. Summary Statistics of Variables : Three-year Model-----43\r\nTable4. Long-run Performance of IPOs classified by State Shareholding-----44\r\nTable5. Comparison of Long-run Performance and Characteristics of Firms-----46\r\nTable6. Simple Regression Results : Three-year Return Model-----48\r\nTable7. IPO long-run performance and ownership structure : Three-year Model-----49\r\nTable8. IPO long-run performance with state-related dummy variables-----51\r\nFigure1. Total Market Capitalization/GDP by Year, 1991-2000-----39\r\nFigure2. After-market Performance for the portfolio of 691 IPOs in 1993-98-----43\r\nFigure3. After-market Performance for the portfolio of 436 IPOs classified by State-----45\r\nFigure4. Proportion of Sample Firms according to the Change of State Shareholding-----45\r\nAppendix1-1. The Correlation Coefficients of Ownership Variables : Three-year Model-----52\r\nAppendix1-2. The Correlation Coefficients of All Variables : Three-year Model-----53\r\nAppendix2. Stepwise Regression Results : Three-year Return as the Dependent Variable-----55\r\nAppendix3. Simple Regression Results : Five-year Return Model-----56\r\nAppendix4. Stepwise Regression Results : Five-year Return as the Dependent Variable-----57\r\nAppendix5. 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 |
