ECONOMIST [ [ 2 Shleifer [ 3 [ 4 Megginson 2001 [ [ 6 [ 7 [ [ [ 10 [

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1 F A ( 2014 )

2 ECONOMIST [ [ 2 Shleifer [ 3 [ 4 Megginson 2001 [ [ 6 [ 7 [ [ [ 10 [ [ [13 [ [ [ 16? 2005 [ [ [

3 2014 [ 20 Management Buy - Outs MBO [ ( ) Wind

4 ECONOMIST ? 2004 [ 14 2 I D 1 A B A SB B CC CC1 D CC C1 A CC1 DD DD1 C DD DD1 CC B DD CC I D D1 C C1 2 A B B A CC B [ % SA

5 % %

6 ECONOMIST (1 (2 ( Csmar stata12. 0 [ 14 [ 21 [ 22 Slabori = ( staffi - Indstaff* Asseti ) / staffi Slabori = ( staffi - Indstaff* salei ) / staffi Indasset i Indsale i Slabor1i,t Slabor2i,t i t 1 2 staffi,t salei,t assi,t i t Tstaffi. t Tsalei,t Tassi,t i s t burdeni,t = 0 + 1*dt + i controli + ε burdenit slabor1 slabor2 dt = 0 dt = 1 controli 1 slabor1i, t i t i [ 21 2 slabor2i, t i t i [

7 [ 23 du = 1 du = 0 dt = 0 dt = 1 burdeni,t = β0 + β1*du + β2*dt + β3*dt + βi controli + ε 2 du = 1 burdeni,t = { } β 0 + β 1 + β i control i + ε dt = 0 β 0 + β 1 + β 2 + β 3 + β i control i + ε dt = 1 3 γ2 + γ3 du = 0 { i control i + ε dt = 0 } burdeni,t = control i + ε dt = 1 β 0 + β β 0 + β 2 + β i 4 β2 β2 + β3 β2 β3 2 β3 5 burdeni,t = γ0 + γ1*monopoly + γ2*dt + γ3*monopoly*dt + γi controli + ε 5 monopoly monopoly = 1 monopoly = 0 B C16 C25 C26 C27 C28 C29 C32 C33 C35 C36 ; C

8 ECONOMIST C40 D GB / T γ3 1 0 slabor slabor dt lnsale lnasset zcfz zclr dt 0 1 lnsale lnasset zcfz zclr 2 1 WLS slabor1 slabor2 dt [ 14 2 Slabor1 Slabor *** *** dt *** *** lnsale *** *** lnasset *** *** zcfz zclr *** *** adj. R *** ** 1% 5% dt*du

9 LM Bootstrap Slabor1 Slabor2 Slabor1 Slabor2 Slabor1 Slabor2 Slabor1 Slabor *** *** *** *** *** *** *** *** dt *** *** ** *** *** *** *** ** du *** *** *** *** *** *** *** *** dt*du *** *** *** *** *** *** *** *** lnsale ** *** ** *** ** *** ** *** lnasset *** *** *** *** *** *** *** *** zcfz * * zclr *** * *** * *** * *** * adj. R dt du dt*du monopoly*dt

10 ECONOMIST Slabor1 Slabor *** *** dt monopoly monopoly*dt *** ** lnsale * ** lnasset zcfz zclr *** ** adj. R

11 MBO [1. : [ M.,1993. [2. [ M.,1999. [3 SHLEIFER A VISHNY R W. The Grabbing Hand: Government Pathologies and Their Cures[M. Cambridge: Harvard University Press [4 SHLEIFER A,VISHNY R W. A survey of corporate government [ J. Journal of finance : [5 MEGGINSONW,NETTER J M. From state to market : a survey of empirical studies on privatization [ J. Journal of economic literature,2001,39 2 : [ [ J., : [ [ J., : [8. [ J., [9. [ J., [10. [ J., : [11. [ J., : [12. [ J., [13. [ J., [14?. [ J., : [15. [ J., : [16. [ J., [17?. [ J., [18. [ J., [19. [ J., [20. [ J [ 21 BAI C,LU J,TAO Z. Divergent interests between central and local governments: Testing theories of public ownership [R. Tsinghua University,2005. [22 LIAO G, CHEN X, JING X, SUN J. Pollicy burdens. firms performance and management turnover [ J. China Economic Review, : [23. [ J ( )

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untitled A Market Test of the Fund s Investment Behavior: Empirical Study Based on the Biggest Institutional Investor of China Stock Market Yi Yao& Zhiyuan Liu (Business School, Nankai University, Tianjin, 300071