IPO

Transcription

1 1

2 IPO

3

4 A A 17.5% GDP GDP 65%

5 1.1 % % % ST (0014) ( ) ( ) 1995 ( ) (0876) 1.3 (1999 ) 1999 (0925) 5

6 (600016) (600330) A IPO 6

7 2 2.1 Boardman and Vining(1989) Vickers and Yarrow (1991) Laffont and Tirole (1993) Boyko, Shleifer, and Vishny (1996) Shleifer(1998) Havrylyshyn and McGettigan (2000) Djankov and Murrell (2000, 2002) Shirley and Walsh (2000) Meggison and Netter (2001) (1) (market failure) (2) (contracting ability) (3) (4) Meggison, Nash, Randendorgh (1994) OECD 43 (share issue privatization, SIP) 7 La Porta Florencio(1999), Frydman, Gray, Hessel, and Rapaczynski (1999) Djankov (1999a, 1999b) 7

8 2.1 Xu Wang(1999) A, Tian 2000 Xu and Wang Tian SHAZAM Xu and Wang (1997) Tian A 8

9 9

10 IPO BS MBO

11 / / %

12 % 17% 22% IPO IPO IPO IPO IPO 30.8% 1/3 IPO IPO IPO 50% 70% 62.5% 3 IPO IPO 50% IPO 6 IPO 7 3 IPO 12

13 1 IPO 4 3 BS IPO BS IPO % BS 100% 80% 70% 60% IPO IPO IPO BS IPO IPO BS

14 = 1 /

15 IPO BS IPO BS IPO 14 IPO IPO BS BS BS BS BS BS

16 IPO 19 BS 19 MBO % % 6 2.8% % % 55% 7 16

17 % 82.9% % 1/ IPO BS 19 IPO 7 IPO 56.4% BS 8 BS 56.3% IPO BS IPO BS

18 IPO BS % % % % % % % % % % % 2/ % % 18

19 % 34.55% 25% % % 25% 35% % % 35% 50% % % 50% % % 5.6% 8.7% 100% 100% % 60% 35% % 25% 35%

20 / / % % 20

21 % % % 5% % 10% % / / % IPO IPO IOP 61.3% ST IPO ST 21

22 IPO IPO 22

23 IPO MBO /5 19.8% IPO 23.1% 17.4% IPO BS MBO % 61.3% 2.8% 100% 23

24 1 IPO IPO 9 IPO IPO IPO

25 %~8% IPO % 4.37% 4.76% 9.18% 13.14% 15.19% 2.82% 25% IPO ST IPO IPO

26 61.3% ,

27 7% 10,, MBO MBO , 2.7% MBO 6 MBO

28 / / 55% % , MBO %

29 % 10.45% 21.48% , , ST

30 13.6% 6.7% 6.7% 6.7% 92% 90% 22.32% 21.92% 15.15% 7.36% 29.69% ST

31 73.6% 90% 73.6% 42.8% 86% 11.25% 11.25% 41.25% 7.5% 3.75% 4 MBO , , 22.19%, 22,, 55% 15%,, % 45% 22.19% 8.49% 31

32 % 6.29% 2.86% 2.86% 58% 22% 10% 10% 9.71% 61.71% 90% 10% 30% 20% 10% 40% 70.95% , % 11 40% % %

33 10% [2003] % % % 20% 30% % % 30% 40% % % 40% 50% % % 50% % % 31.93% 45.31% 4.79% 0.86% 71.1% 97% % 45.31% % 43.08% 33

34 % 31.99% 31.93% 46.74% 45.86% 45.31% 11.37% 11.65% 11.77% 7.79% 8.22% 8.58% 5.04% 5.09% 5.03% 1.00% 3.07% 3.23% 2.83% 3.13% 3.08% 0.52% 1.64% 1.69% 1.84% 1.87% 1.85% 0.34% 1.05% 1.05% 53.96% 53.73% 53.66% 56.39% 59.84% 59.86%

35 % 0.119% 4.998% 2.816% 0.059% 0.044% 0.206% % 4.998% 0.5% % 3 35

36 % 96.9% 94.5% 25.6% 99.0% 96.9% 20.97% 22.90% 26.34% 18.67% 21.23% 26.02% 30% 60 80% % % % % % 30% 40% 15 20% % % % % % 40% % 5 2.4% 2 0.8% 6 0.6% % /3 30% 40% %

37

38 % 39.3% 53.4% % % % % % % % % % % % %

39 MBO 1 2/3 20% 2 33% 24% 20%

40 4 11 ST ST ST A GDP

41 % % 41

42 % % %

43 PT % 6 13 IPO 2 MBO % % 9 50%

44 % 20% % 5 60% 13 ST ST ST % ST ST 15.76,

45 5 5.1 ( 2002)

46 46 1,,,,, " ",,,, 2,,,,,,,,, 3,, ( 50 ),,,,, 4,,,,,,

47

48 3 4,,,, IPO IPO 35.9% 48

49

50 IPO IPO IPO IPO

51 2/3 IPO 2002 ( )

52 29% 30% 28%~29% 17 ST ST *ST ST *ST ST % 30% 52

53 20 53

54 MBO

55 3,,,,, 10, 4,,, 55

56 Alexander Dyck,2001, Privatization and Corporate Governance: Principles, Evidence, and Future Challenges. The World Bank Research Observer, 16, 1: Allen, Franklin and Douglas Gale, 1999, Corporate Governance and Competition, working paper, Wharton School: The University of Pennsylvania, Philadelphia. Anderson, James H., Young Lee, and Peter Murrell,2000, Competition and Privatization Amidst Weak Institutions: Evidence from Mongolia, Economic Inquiry, 38, 4: , Oct. Shleifer, Andrei. 1998, State Versus Private Ownership, Journal Economic Perspective, 12: Tian, George Lihui,2000, State Shareholding and Corporate Performance: A study of a Unique Chinese Data Set, working paper, London Business School, London. Vickers, John and George Yarrow.1991, Economic Perspectives on Privatization, Journal of Economic Perspective, 5: Xu, Xiaonian and Yan Wang,1999, Ownership Structure and Corporate Governance in Chinese Stock Companies, China Economic Review, 10, 1: 75-98, Oct

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