主題：Do Share Issue Privatizations Really Improve Firm Performance in China? (股票發行私有化能否真正改善中國企業績效)

主講人：William L. Megginson, 俄克拉荷馬大學金融學教授

日期：2015年5月29日

時間：下午2:00-3:30

地點：清華Betvictor中文版4号樓101教室

語言：英語

摘要：

This paper argues that the documented post-share issue privatization (SIP) decline in profitability is not evidence per se that China’s SIP program is ineffective or unsuccessful. Instead, the positive privatization effect is often outweighed by a negative listing effect. We employ a triple difference approach to separate these two effects, and examine a sample of 248 Chinese SIPs from 1999-2009 matched with otherwise comparable SOEs and privately-owned firms. We document a negative listing effect since ROS of privately owned firms tends to decline after going public by 2.6% and their EBIT/Sales by 3.8%. After adjusting for this negative listing effect, however, we show that China’s SIP program yields significantly improved profitability (ROS and EBIT/Sales), and find this result is robust to alternative specifications. Our study highlights the need to account for the listing effect in analyzing performance improvements following share issue privatizations--which have accounted for the bulk of China’s listed companies and market capitalization.

主講人簡介：

William L. Megginson, Professor and Price Chair in Finance, Division of Finance Michael F. Price College of Business, the University of Oklahoma. He was named the second recipient of the Michael F. Price Chair in Finance, first Recipient of the Saudi Aramco Chair Professor in Finance and other leading prizes. His work has been published in leading academic journals including Journal of Finance, Review of Financial Studies and Journal of Financial Economics.