1 2 1 1. 510632 2. 100836 1999 2007 F121. 24 A 1003 5656 ( 2014 ) 11 0013 11 2012 71203078 2013 71333007 2013 52702497-13 - 1993
ECONOMIST 2014. 11 [1 1999 [ 2 Shleifer 1997 1998 [ 3 [ 4 Megginson 2001 [ 5 2000 2004 2005 1995 2001 [ 6 [ 7 [ 8 2004 [ 9 2005 451 [ 10 [ 11 2005 2006 [ 12 1 2004 [13 [14 2006 [15 2001 [ 16? 2005 [ 17 2008 [ 18 2013 [ 19 1 2004-14 -
2014 [ 20 Management Buy - Outs MBO [ 14 60000 50000 40000 30000 20000 10000 0 2007 2008 2009 2010 2011 2012 1 ( ) Wind - 15 -
ECONOMIST 2014. 11 1? 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 [ 14 2012 37. 5 61. 3% - 16 - SA
2 20 90 2010 36 2012 4473 81% 1749 66% 2013 9 6 3-17 -
ECONOMIST 2014. 11 1999 2007 (1 (2 (3 5427 48391 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 1 1 2 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 [14 3-18 - 1 3
1 1 0 2 [ 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 ; C37 2 1 3 4 1 2002 2005-19 -
ECONOMIST 2014. 11 C40 D GB / T4754-2002 γ3 1 0 slabor1 48391-0. 0148 6. 6345-862. 7735 1 slabor2 48391-0. 0400 5. 8239-568. 6088 3. 8136 dt 48391 0. 1999 0. 3999 0 1 lnsale 48391 10. 7054 1. 8505 0 18. 2925 lnasset 48391 11. 4172 1. 7300 1. 0986 18. 6675 zcfz 48391 0. 6183 0. 3314-1. 3317 15. 2516 1 zclr 48391 0. 1461 0. 0890-2. 0075 3. 7927 dt 0 1 lnsale lnasset zcfz zclr 2 1 WLS slabor1 slabor2 dt [ 14 2 Slabor1 Slabor2 4. 4588*** 5. 5933 *** 0. 000 0. 000-0. 4206 dt *** - 0. 3009 *** 0. 000 0. 001 0. 2270 lnsale *** - 1. 0486 *** 0. 005 0. 000-0. 5871 lnasset *** 0. 5449 *** 0. 000 0. 000 1 2 0. 3132-0. 2045 zcfz 0. 142 0. 558-4. 4928 3 2 zclr *** - 6. 7880 *** 0. 001 0. 000 13536 13536 adj. R 2 0. 1647 0. 1572 *** ** 1% 5% dt*du - 20 -
LM Bootstrap 3 2002 2003 2004 2005 Slabor1 Slabor2 Slabor1 Slabor2 Slabor1 Slabor2 Slabor1 Slabor2 4. 7996*** 4. 6271 *** 4. 8009 *** 4. 6282 *** 4. 7935 *** 4. 6210 *** 4. 7875 *** 4. 6155 *** 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 dt 0. 6502 *** 0. 7374 *** 0. 6198 ** 0. 7149 *** 0. 8234 *** 0. 8783 *** 0. 9165 *** 0. 8026 ** 0. 000 0. 004 0. 010 0. 002 0. 000 0. 001 0. 009 0. 046 du 1. 7834 *** 2. 3720 *** 1. 3787 *** 1. 7187 *** 0. 9630 *** 1. 2045 *** 0. 7493 *** 0. 9230 *** 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 dt*du - 2. 5951 *** - 3. 2629 *** - 2. 1483 *** - 2. 5690 *** - 1. 9184 *** - 2. 1973 *** - 1. 7861 *** - 1. 8250 *** 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 lnsale 0. 2777 ** - 0. 8552 *** 0. 2774 ** - 0. 8557 *** 0. 2772 ** - 0. 85575 *** 0. 2770 ** - 0. 8558 *** 0. 019 0. 000 0. 039 0. 000 0. 037 0. 000 0. 042 0. 000 lnasset - 0. 7046 *** 0. 3521 *** - 0. 7043 *** 0. 3524 *** - 0. 7038 *** 0. 3528 *** - 0. 7031 *** 0. 3535 *** 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 zcfz 0. 4830 * 0. 9024 0. 4837 0. 9033 0. 4859 * 0. 9066 0. 4853 0. 9053 0. 057 0. 198 0. 150 0. 238 0. 060 0. 185 0. 142 0. 175 zclr - 2. 9532 *** - 2. 6232 * - 2. 9607 *** - 2. 6356 * - 2. 9569 *** - 2. 6289 * - 2. 9673 *** - 2. 6485 * 0. 000 0. 075 0. 000 0. 058 0. 000 0. 090 0. 000 0. 054 48391 48391 48391 48391 48391 48391 48391 48391 adj. R 2 0. 0444 0. 0572 0. 0443 0. 0572 0. 0442 0. 0571 0. 0442 0. 0570 dt du 2002 2005 dt*du 4 5 4 monopoly*dt 0-21 -
ECONOMIST 2014. 11 4 Slabor1 Slabor2 4. 2000*** 5. 2031 *** 0. 000 0. 000 0. 2839 0. 2987 dt 0. 231 0. 295 1. 0298 monopoly 0. 7470 0. 004 0. 102 monopoly*dt - 1. 7088 *** - 1. 6361 ** 0. 002 0. 028 lnsale 0. 4781 * - 0. 7999 ** 0. 065 0. 025 1999 2007-0. 8925 lnasset 0. 2638 0. 002 0. 480 1. 1857 zcfz 0. 7848 1999 2007 0. 082 0. 426 zclr - 6. 6585 *** - 8. 1789 ** 0. 005 0. 018 13536 13536 adj. R 2 0. 0386 0. 0460 1-22 - 2 3
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 1998. [4 SHLEIFER A,VISHNY R W. A survey of corporate government [ J. Journal of finance. 1997 52 2 : 737-783. [5 MEGGINSONW,NETTER J M. From state to market : a survey of empirical studies on privatization [ J. Journal of economic literature,2001,39 2 : 321-389. [6. 1995 [ J.,2000 2 : 17-25. [7. 2001 [ J., 2004 8 : 16-26. [8. [ J.,2005 2 4-16. [9. [ J.,2004 2 104-114. [10. [ J.,2005 3 : 5-12. [11. [ J.,2005 2 : 17-32. [12. [ J.,2006 7 49-60. [13. [ J.,2004 8 81-89. [14?. [ J.,2004 2 : 17-27. [15. [ J.,2006 8 : 4-14. [16. [ J.,2001 9 60-70. [17?. [ J.,2005 4 913-936. [18. [ J.,2008 2 44-55. [19. [ J.,2013 1 71-81. [20. [ J. 2014 5 19-22. [ 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,2009. 20 1 : 15-28. [23. [ J. 2012 1 78-97. ( 2014 10 09 ) - 23 -