主  題: Ultimate Control Transfer, Complete Privatization, and Firm Performance in China 

內(nèi)容簡(jiǎn)介: We investigate the determinants and consequences of complete privatization for China’s listed SOEs. We find that economic and political factors both affect the decision of complete privatization. In particular, less productive SOEs with poor financial conditions face higher probability of complete privatization in comparisons with their better performing counterparts. The likelihood of complete privatization is especially higher for SOEs in the non-strategically industries or SOEs affiliated to the municipal governments. After complete privatization, profitability, productivity, and financial conditions are substantially improved, and the sources of improvements in productivity mainly comes from labor reduction. Furthermore, we find the complete privatization with business line change has more positive effects on firm performance. Our results suggest that Chinese government should continue to play a more active role in transferring control of listed SOEs to private entities and have moderate intervention of the corporate sector.

報(bào)告人: 戰(zhàn)嵩      助理教授

時(shí)  間: 2018-10-17    16:00 

地  點(diǎn): 位育樓117 

舉辦單位: 銀行與貨幣研究院