2007 7,,, Faccio (2006) 47,,, Leuz Oberholzer2Gee (2006),,,,,,,,Fan Wong Zhang (2007a),,, Chen Li Su (2005),, ;, Fan Rui Zhao (2006) 23,,,,Fan Wong Zh

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1 : : , :, ;,,,,, ( ), :,,,,,,,, (Williamson,2000 ;,2004 ;,2005),,,La Porta,,,, (La Porta et al,1998),, (La Porta et al,1999) Roe (2000), 3,(Center for Institutions and Governance), :200433,: com shufe. edu. cn ( :05JJD630028) ( :06BJ Y016), 82 转载

2 2007 7,,, Faccio (2006) 47,,, Leuz Oberholzer2Gee (2006),,,,,,,,Fan Wong Zhang (2007a),,, Chen Li Su (2005),, ;, Fan Rui Zhao (2006) 23,,,,Fan Wong Zhang(2007b),,,,,,,, (Roe,2004),,, Fan Wong Zhang(2007b) (1, 1 ),,,,,,,,,,, (2002), (2002),(2006) IPO, IPO,,,,, 83

3 :,,,,, :, ;; ;,,,, ( ) :,, 1978, (), ( ),GDP (Blanchard and Shleifer,2001 ;,2004 ;Jin et al,2005 ;Li and Zhou,2005 ;,2007),,,,,,,, : 2003, 2002,, ; 1997, 2001,,,,,,,,,,,,,,, :(600547) 1975,,1979,1988 ;(000962),2000, ;2001, (000060), ,2003, 70, 12,(,2003) 84

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8 2007 7, ; Disperse,, 30 %, 1, 0 ; Indirect,,,,, 0, 1 Descend, Disperse Indirect,(1) Ordered Logit, (2) (3) Logit,Z Huber2White 21 IndexMrk,,, ReguSize,, ReguInd,,, 1, 0,, : (B) ; (C4) ; (C6) ; (D) ;(F) ; ( G) 2001, ReguSize ReguInd 31 Develop GDP, ( ),,, HaveBH B H,B H, 1, 0 B H A, B H A, (2) (3), City Province,,City 1, 0 ;, Province 1, 0,,,,,;,,,,(3),Disperse,, (2) List97 00 List01 03, ,List , 0 ;2000, List , ,, 89

9 : (1997 ) ( ) (2000 ), Year02 Year03, 2002, Year02 1, 0 ; 2003, Year03 1, ( 1674) ReguSize HaveBH ReguInd List Develop List ( ) 4 (1) Ordered Logit,,, Descend IndexMrk 0101, ReguSize ReguInd 0101,, ;, Descend Develop 0101,,Descend HaveBH 0105,B H, B H,B H,,,,,,4, Descend IndexMrk 0101, ReguSize ReguInd 0101, IndexMrk ReguSize ReguInd, Descend Develop HaveBH,,,,, :,1, 0 70,,, 2 1, 3 90

10 2007 7,,,, (1), 4, Descend IndexMrk 0101, ReguSize ReguInd 0101,, 4 Ordered Logit : Descend (, ) Z Z Z IndexMrk ReguSize ReguInd Develop? HaveBH? List97 00? List01 03? Year02? Year03? Pseudo R : 333, () 3,Ordered Logit Cut,: ; OLS, IndexMrk,, ReguSize,0101 ;,IndexMrk OLS ( ),, 4 5 (2) Logit, Disperse IndexMrk ,,; ,4, 14 ;1985 3, ; ,,; ,,6,,Acemoglu Johnson Robinson(2001),,,,,,, 91

11 :, ReguSize 0105, ReguInd 0101,, ;,, Disperse IndexMrk, ReguSize ReguInd,,,5, Disperse City, Province,,,,,,, Disperse HaveBH, B H,, B H Disperse List97 00 List01 03,,, 5 Logit : Disperse (, 1 30 %) Z Z Z? IndexMrk ReguSize ReguInd City? Province? Develop? HaveBH? List97 00? List01 03? Year02? Year03? Pseudo R :333, () : ; OLS,IndexMrk,, ReguSize,0101 ;,IndexMrk OLS 92

12 ( ) 6 (3) Logit,, Indirect IndexMrk 0110,,,,,, Fan Wong Zhang(2007b),,, 6, Indirect ReguSize 0101, ReguInd,,,, 6 Logit : Indirect (, 1 ) Z Z Z? IndexMrk ReguSize ReguInd City? Province? Disperse? Develop? HaveBH? List97 00? List01 03? Year02? Year03? Pseudo R :333, () : ; OLS, IndexMrk,, ReguSize,0101 ;, IndexMrk OLS 93

13 :, 6, Indirect City,Province 0101,,,,, Indirect Disperse,,,,,Indirect Disperse Indirect List97 00 List01 03,, ( ),4 6,,, Disperse,20 % 25 % 35 % 40 % 45 % 50 %, 1, 0, Disperse, (1) (2), (1997 ) ( ) (2000 ),,,,, 4 6,(2003) 2000, ,, , ( ),,;,,,,, ( ),,( ),,,,,,,,,,, 94

14 2007 7,,,,,2004 : :, 4,2003 : (2001 ),,2006 :, 5,2002 :, 8,2002 :, 8,1997 :,,2003 :, 12 16,2005 :, 5,2007 :, 1,2005 :, 5,1998 :, 12,2006 :IPO :, 2,2004 :, 6 Acemoglu, D., S. Johnson and J. A. Robinson, 2001, The Colonial Origins of Comparative Development : An Empirical Investigation, American Economic Review 91 : Blanchard, O. and A. Shleifer, 2001, Federalism with and without Political Centralization : China versus Russia, IMF Staff Papers 48 : Chen, J. P., Z. Li, and X. Su, 2005, Rent Seeking Incentives, Political Connections and Organizational Structure : Empirical Evidence from Listed Family Firms in China, Working Paper, City University of Hong Kong, and Shanghai University of Finance and Economics. Faccio, M., 2006, Politically Connected Firms, American Economic Review 96 : Fan, J., O. Rui, and M. Zhao, 2006, Rent Seeking and Corporate Finance : Evidence from Corruption Cases, Working Paper, The Chinese University of Hong Kong, and Bentley College. Fan, J., T. J. Wong, and T. Zhang, 2007a, Politically2connected CEOs, Corporate Governance and Post2IPO Performance of Chinaπs Partially Privatized Firms, Journal of Financial Economics 84 : Fan, J., T. J. Wong, and T. Zhang, 2007b, Organizational Structure as a Decentralization Device : Evidence from Corporate Pyramids, Working Paper, Chinese University of Hong Kong, and City University of Hong Kong. Jensen, M., and W. Meckling, 1992, Specific and General Knowledge and Organization Structure, Chapter 9 in Contract Economics, Werin, L., and H. Wijkander (eds. ), Blackwell, Oxford, pp Jin, H., Y. Qian, and B. Weignast, 2005, Regional Decentralization and Fiscal Incentives : Federalism, Chinese Style, Journal of Public Economics 89 : La Porta, R., F. Lopez2de2Silanes, and A. Shleifer, 1999, Corporate Ownership around the World, Journal of Finance 54 : La Porta, R., F. Lopez2de2Silanes, A. Shleifer, and R. Vishny, 1998, Law and Finance, Journal of Political Economy 106 : 1113 Li, H. and L. Zhou, 2005, Political Turnover and Economic Performance : the Incentive Role of Personnel Control in China, Journal of Public Economics 89 : Leuz, C., and F. Oberholzer2Gee, 2006, Political Relationships, Global Financing and Corporate Transparency : Evidence from Indonesia, Journal of Financial Economics 81 : Qian, Y., 1996, Enterprise Reform in China : Agency Problems and Political Control, Economics of Transition 4 : Roe, M., 2000, Political Preconditions to Separating Ownership from Corporate Control, Stanford Law Review 53 : Roe, M., 2004, The Institutions of Corporate Governance, Working Paper, Harvard University. Williamson, O. E., 2000, The New Institutional Economics : Taking Stock, Looking Ahead, Journal of Economic Literature 38 : ( 136 ) 95

15 : The Difference of Portfolio Allocation bet ween State2o wned Banks and Joint2equity Banks in China Jia Chunxin ( Guanghua School of Management, Peking University) Abstract :While the relationship between bank government ownership and performance is a hot topic, there are very few papers focusing on the relationship between government ownership and bank prudential behavior. Based on portfolio allocation proxies, this paper studies the prudential difference of China s state2owned banks and joint2equity banks. Empirical results strongly support the hypothesis that better ownership leads to more prudential behavior. Meanwhile, state banks are getting more and more prudent due to bank system reform. Key Words :Commercial Bank ;Corporate Governance ;Bank Portfolio Allocation ;Bank Prudential Behavior JEL Classification : G210, G280, G340,O530 (: ) (: ) ( 95 ) Marketization, SOE Reform Strategy, and Endogenously Determined Corporate Governance Structure Xia Lijun and Chen Xinyuan ( Institute of Accounting and Finance at Shanghai University of Finance and Economics, Center for Institutions and Governance at The Chinese University of Hong Kong ; Institute of Accounting and Finance at Shanghai University of Finance and Economics) Abstract :Using the data of listed firms in 2001 to 2003, this paper investigates the endogenous determination of corporate governance structure of listed firms ultimately controlled by Chinese local governments. Specifically, we explore how the degree of regional marketization and the central governmentπs seize big, drop small and strategic restructuring of SOE reform strategies, based respectively on firm size and industry category, influence the ultimate controlling governmentπs level, governmentπs share ratio and governmentπs shareholding method. We find that, in the regions with higher degree of marketization, listed firms are more likely to be ultimately controlled by low level local governments, and the local governments are more likely to control small ratio of shares. However, large firms and the firms in regulatory industries are more likely to be ultimately controlled by high level local governments, and the local governments are more likely to control a block ratio of their shares. The effects of marketization and industry category on governmentπs shareholding method are not robust, and large firms are more likely than small firms to be indirectly controlled by local governments. The results together indicate that regional marketization and the central governmentπs SOE reform strategy shape the corporate governance structure of listed firms ultimately controlled by Chinese local governments. Key Words : Governance Structure ; Endogenous Determination ; Marketization ; SOE Reform Strategy JEL Classification : G340, G (: ) (: )

( ) : ,,, 10 %,,, :,,,,, : (1) ; (2), ; (3), ; (4), ; (5) ( ), (2003),,,,,,, , 20,, ST,,,, :? ( ) 3 ( ) 77

( ) : ,,, 10 %,,, :,,,,, : (1) ; (2), ; (3), ; (4), ; (5) ( ), (2003),,,,,,, , 20,, ST,,,, :? ( ) 3 ( ) 77 2005 4 3 ( 100084) : 1998 2002,,, 10 %,,, :,,,,, : (1) ; (2), ; (3), ; (4),; (5) ( ),(2003),,,,,,, 1997 1, 20,, ST,,,,:? ( ) 3 (70473046) 77 :,?,, Modigliani Miller (1958), Jensen Meckling (1976),Grossman