IPO

1

1 3 1.1 3 1.2 3 1.3 4 2 7 2.1 7 2.1 8 3 10 3.1 10 3.2 15 3.3 18 3.4 19 4 23 4.1 23 4.2 28 4.3 33 4.4 39 5 45 5.1 45 5.2 47 5.3 IPO 48 5.4 50 6. 54 56 2

3 1 1.1 1.2 1.1

2002 2003 2003 6 30 A 217 94 123 A 17.5% 1.3 1 20 70 1978 1988 1988 1992 1992 1994 1.2 2002 GDP 47.5 2001 GDP 65% 1.2 2001 12.8 6.7 4

1.1 % % % 3.5 6.5 5.1 0.69 2.7 6.7 5.3 0.51 1.7 4.3 3.4 0.5 5.1 11.3 5.5 0.92 4.9 13.5 4.3 1.13 5.6 12.8 4.4 1.28 2001 2 1992 1994 1992 ST (0014) ( ) (1995 1996 ) 1995 (1997 1998 ) 1998 3 (0876) 1.3 (1999 ) 1999 (0925) 5

4 2 2000 12 19 (600016) 2000 2001 1 18 (600330) A 1.2 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003.6 2 4 0 10 9 5 9 18 12 2 7 0 2 0 4 11 22 25 26 12 23 14 2 8 8 22 42 69 103 147 171 196 217 1.3 250 200 150 100 50 0 IPO 6

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) 1990 1993 218 Djankov (1999a, 1999b) 7

2.1 Xu Wang(1999) A, Tian 2000 Xu and Wang Tian 2003 1998 2003 2002 2002 1998 53 SHAZAM 2003 2001 Xu and Wang (1997) Tian 2000 2003 2003 2003 A 8

9

3 3.1 3.1 2003 6 30 IPO BS MBO 7 9 1 17 2 9 2 13 9 18 3 30 -- 7 -- 7 -- 1 -- 1 14 5 1 20 1 7 -- 8 3 3 -- 6 3 2 -- 5 1 10 -- 11 5 12 -- 17 2 5 -- 7 4 7 -- 11 3 5 -- 8 -- 1 -- 1 1 -- 1 -- 2 -- 2 4 4 -- 8 2 3 1 6 1 5 -- 6 1 2 -- 3 10 6 -- 16 1 1 -- 2 1 1 -- 2 6 19 1 26 1 -- -- 1 3 -- -- 3 -- 3 -- 3 1 2 -- 3 1 1 -- 2 -- 1 -- 1 78 133 6 217 10

31 29 1 1 30 13 26 1/4 20 17 16 1/4 2002 2002 50% 2 1 2 11

133 37 48 61% 17% 22% 12 8 8 2 IPO IPO IPO IPO 14 10 IPO 30.8% 1/3 IPO IPO IPO 50% 70% 62.5% 3 IPO 9 6 29 23 IPO 50% IPO 6 IPO 7 3 IPO 12

1 IPO 4 3 BS IPO BS 29 26 IPO 3 19 18 12 10 7 6 5 59 44.4% BS 100% 80% 70% 60% IPO IPO IPO BS IPO IPO BS 4 7 3 13

5 3.2 2003 6 30 1 2 3 1 2 3 14 3 4.67 1 5 0.2 5 2 2.5 1 3 0.33 2 1 2 2 4 0.5 9 5 1.8 5 10 0.5 26 18 1.44 6 12 0.5 23 19 1.21 4 7 0.57 7 6 1.17 3 5 0.6 5 7 0.71 4 5 0.8 6 7 0.86 1 2 3 = 1 / 2 1 3.2 6 3 1 6 17 3.2 17 7 6 5 6 14

10 7 10 21 3.2 6 IPO BS IPO BS IPO 14 IPO IPO BS BS BS BS BS BS 3.2 217 12 15

3.3 2003 6 30 IPO 19 BS 19 MBO 6 22 1. 11 26 1 38 2. 9 14 1 24 3. 7 14 1 22 4. 7 12 1 20 5. 8 9 -- 17 6. 5 9 -- 14 7. 9 4 -- 13 8. 2 9 -- 11 9. 6 2 -- 8 10.-- 8 -- 8 11. 3 5 -- 8 12. 1 4 -- 5 13. 1 3 1 5 14. 2 3 -- 5 15. 2 2 1 5 16. -- 5 -- 5 17. 1 2 -- 3 18. -- 2 -- 2 19. 2 -- -- 2 20. 1 -- -- 1 21. 1 -- -- 1 78 35.9% 133 61.3% 6 2.8% 217 11 51.2% 10 21.6% 55% 7 16

10 22 21 118 55.7% 82.9% 38 17.5% 1/5 2002 IPO BS 19 IPO 7 IPO 56.4% BS 8 BS 56.3% IPO BS IPO BS 7 7 8 9 17

IPO BS 3.3 3.4 2003 6 30 213 1041 2.66 5.43 1 26 12.2% 47 4.5% 1 2.5 103 48.4% 434 41.7% 2.5 5 66 31.0% 359 34.5% 5 18 8.4% 201 19.3% 5722 5050 33.6 865.6 49% 1 2.5 48.4% 2.5 60.6% 2/3 1 2.5 1 4.5% 7.7 5 19.3% 18

3.5 2003 6 30 213 1041 41.47% 34.55% 25% 17 8.0% 65 6.2% 25% 35% 67 31.5% 345 33.2% 35% 50% 88 41.3% 456 43.8% 50% 41 19.2% 175 16.8% 5.6% 8.7% 100% 100% 7 41.47% 60% 35% 0.1 25% 25% 35% 3.4 19

3.6 2000 2001 2002 2002 2003 139 898 166 934 187 959 191 999 211 1007 138 890 166 928 181 954 182 987 202 992 138 890 166 928 181 954 182 987 202 992 3.7 2000 2001 2002 2002 2003 0.115 0.210 0.116 0.146 0.079 0.081 0.056 0.146 0.078 0.104 / 2.239 2.733 2.560 2.546 2.595 2.597 2.481 2.567 2.540 2.648 / 5.14 7.80 4.54 6.18 3.15 3.14 3.96 6.27 3.26 3.99 % 2001 2002 2001 5% 20

3.9 3.8 % 2000 2001 2002 2002 2003 0% 15.22 7.53 7.23 11.31 4.42 2.10 24.18 12.15 5.94 4.13 0% 5% 29.71 20.45 28.92 28.99 17.68 14.47 31.87 34.35 16.34 15.83 5% 10% 41.30 42.92 54.22 39.87 64.64 70.02 27.47 36.17 50.50 67.94 10% 13.77 29.10 9.63 19.83 13.26 13.41 16.48 17.33 17.32 12.20 3.9 2003 / / % IPO 0.116 76 3.144 74 3.77 74 0.056 129 2.082 122 2.79 122 0.104 1007 2.648 992 3.99 992 3.9 IPO IOP 61.3% ST IPO ST 21

IPO IPO 22

4 4.1 1993 600660 600696 IPO MBO 1998 25 2000 44 1/5 19.8% IPO 23.1% 17.4% 2001 2002 2003 2001 2002 4.1 IPO BS MBO 1993 2 -- -- 2 1994 4 2 -- 6 1996 10 4 -- 14 1997 9 11 -- 20 1998 5 22 -- 27 1999 9 23 2 34 2000 18 24 2 44 2001 12 11 1 24 2002 2 22 1 25 2003 7 14 -- 21 78 133 6 217 35.9% 61.3% 2.8% 100% 23

1 IPO IPO 9 IPO IPO 2000 10 1 2001 2001 2 1995 637.72 555.29 926 2000 137 18 3 2 3 IPO 1 9 1994 7 1 5000 24

2 3 4 7%~8% 4 4.2 IPO 1996 1997 1998 1999 2000 2001 2002 2003 10 9 5 9 18 12 2 7 203 206 105 98 137 79 71 28 4.93% 4.37% 4.76% 9.18% 13.14% 15.19% 2.82% 25% IPO 2 1994 600629 600670 ST 1998 1999 23 1997 IPO 2001 11 12 IPO 2003 25

61.3% 1997 1999 2000 1998 2002 2003 1 2002 8 000757 2002 10 2 2003 4.3 2002 2003 168 38 42 9 105 34,2002 3 2.82 1.07 26

7% 10,, 4 000583 1997 11 24 5 11 29 53.85 1998 1 12 1998 4 1 19.09 5 19 28.20 400 3 MBO MBO 1999 2003 6 217, 2.7% MBO 6 MBO 4.1 10 27

/ / 55% 45 22.19% 2003 4, MBO 4.2 1 0.5% 1999 7 1 28

2001 1 15298 1728.36 1557.64 11.03% 10.45% 21.48% 42 23.02 2, 4125 41.25, 73.60 11.25 73.60 90 7.5 3.75 5520 55.2 4.3 3 1996 2001 ST 4 4.2 4.2 29

13.6% 6.7% 6.7% 6.7% 92% 90% 22.32% 21.92% 15.15% 7.36% 29.69% ST 4.3 30

73.6% 90% 73.6% 42.8% 86% 11.25% 11.25% 41.25% 7.5% 3.75% 4 MBO 1998 2002 4, 2000 2001 1, 22.19%, 22,, 55% 15%,, 4.4 55% 45% 22.19% 8.49% 31

5 4.5 16.57% 6.29% 2.86% 2.86% 58% 22% 10% 10% 9.71% 61.71% 90% 10% 30% 20% 10% 40% 70.95% 2003 3 12 27.5 35,760 70.95% 11 40% 8.25 30% 5.5 20% 2.75 32

10% 2003 3 27 [2003]118 4.3 1 4.4 2003 6 30 213 1010 20% 33 15.49% 66 6.53% 20% 30% 107 50.23% 190 18.81% 30% 40% 18 8.45% 160 15.84% 40% 50% 27 12.68% 159 15.74% 50% 28 13.15% 435 43.08% 31.93% 45.31% 4.79% 0.86% 71.1% 97% 4.4 31.93% 45.31% 13.5 50 28 13.15% 43.08% 33

4.5 2003 6 30 2001 2002 2003 2001 2002 2003 167 193 213 927 994 1010 32.88% 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% 11.8 10.25 10.2 37.1 31.9 30.8 2001 2002 2003 6 30 2003 6 30 21.63 14.55 2 34

4.6 2001 2002 2003 2001 2002 2003 104 116 33 32 663 699 220 0.462% 0.119% 4.998% 2.816% 0.059% 0.044% 0.206% 4.6 2003 600355 74.80% 4.998% 0.5% - 2003 2003 2003 3% 3 35

4.7 2001 2002 2003 2001 2002 2003 75 190 205 247 994 980 43.9% 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% 156 82.1% 124 60.5% 213 86.2% 858 86.3% 590 60.2% 30% 40% 15 20% 32 16.8% 76 37.1% 32 12.0% 130 13.1% 368 37.6% 40% 0 2 1.1% 5 2.4% 2 0.8% 6 0.6% 22 2.2% 4.7 2001 2002 2003 2003 2003 6 1/3 30% 40% 2003 20 5% 2003 36

4 4.8 1999 2000 2001 2002 2003 1 10 6 3 15 14 9 12 16 71 62 44 50 18.75 21.11 22.58 20.45 11.16 13.87 15.05 16.33 17.67 2000 1999 2000 6 3 2001 2001 2002 15 14 20 5 37

4.9 2002 196 1004 77 536 % 39.3% 53.4% 0.10 44 57.1% 301 56.2% 0.10 0.20 21 27.3% 158 29.5% 0.20 0.30 7 9.1% 47 8.8% 0.30 0.40 3 3.9% 20 3.7% 0.40 2 2.6% 10 1.8% 0.132 0.133 0.012 0.04 0.60 0.52 0.588 0.48 77 36 30% 0.169 30% 41 0.100 38

4.4 1 2003 6 20 9.2 14 5 1 MBO 1 2/3 20% 2 33% 24% 20% 9 1 2 3 39

4 11 ST ST ST 1998 2002 2 16 10 6 A 90 2003 6 93 1 90 2001 GDP 365 40

41 36 52 2 18% 3 3 2003 6 26 73.1% 41

2003 6 32 10 31.3% 9 28.1% 13 40.6% 1 2 3 2002 1996 1997 2000 2001 42

PT 600818 4 2003 6 13 43.3% 6 13 IPO 2 MBO 12 2003 6 9 4 22.2% 5 27.8% 9 50% 1997 2001 12 2001 1940 20 43

2001 13 2002 2001 2500 1130 60 2001 282 270 10% 20% 17 3 20% 5 60% 13 ST ST ST 60 16 82.63% ST 22.6 6.99 ST 15.76, -5.2 44

5 5.1 ( 2002) 2001 5.1 15298 7080 27108 10000 16000 15973.5 24604 21.48 66.38 77.18 55.20 67.19 43.245 36.96 3 600589 45

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

47 5.2 2001 1999 2002 20 1 31.93 30 34.28 2

3 4,,,, 2001 5.3 IPO IPO 35.9% 48

28 11 14 1 15 16 14 2003 4 15 16 2000 4 2001 49

IPO IPO IPO 2002 2001 20 2002 37 51 2002 2000 IPO 5.4 50

2/3 IPO 2002 ( ) 2002 8 15 51

29% 30% 28%~29% 17 ST ST *ST ST *ST ST 17 6747.75 29.99% 30% 52

20 53

6. 1 1997 2 MBO 3 4 5 1 2 54

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

Alexander Dyck,2001, Privatization and Corporate Governance: Principles, Evidence, and Future Challenges. The World Bank Research Observer, 16, 1: 59-84. 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: 527-549, Oct. Shleifer, Andrei. 1998, State Versus Private Ownership, Journal Economic Perspective, 12: 133-150. 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: 111-132. Xu, Xiaonian and Yan Wang,1999, Ownership Structure and Corporate Governance in Chinese Stock Companies, China Economic Review, 10, 1: 75-98, Oct. 2001 11 2001 18 2002 5 2003 56

24 1999 12 2001 9 2001 11 2002 2002 7 8 2003 1 2001 19 2003 2002 2003 57