中國大陸股權改革與公司財務績效關係之探討

本文的主要研究目的為探討股權分置改革與中國大陸上市公司財務績效之關係以及其影響績效變化之因素。中國大陸政府為促進國內股票市場結構平衡以及幫助資本私有化，於2005年針對國內上市公司挑選，進行所謂股權分置改革。其具體行動為將公司的國家持有股份釋出，並開放非流通股得以在市場上交易。本研究以參與股權分置改革的上市公司為樣本，選樣期間為2005年至2008年。研究結果發現，隨著國有股釋出，國家持股集中度的下降對公司財務績效有正面助益。這也表示企業私有化確實能提升中國大陸上市公司之財務績效。此外，流通股的增加反而有損公司財務績效。因此如何增加其他非政府機構的大型投資人參與股票市場交易以填補過去政府為主的持股結構，以及建立流通股股東對於公司長期績效監督的誘因，將是中國大陸股票市場股改後的另一個重要課題。

關鍵字

中國股市；股權分置改革；財務績效；國有股；持股結構

並列摘要

This paper examines how the split-share reform in China impacts corporate financial performance. In 2005, the split-share reform program was initiated in China's stock markets. Before split-share reform, the ownership structure of Chinese listed companies was very unbalanced. The purpose of split-share reform is to make all shares tradable and reduce government ownership. We survey whether the split-share reform program helps Chinese listed companies to raise their performance. Our results point out that the government’s stock ownership concentration has a negative relationship with corporate financial performance, and the tradable shares proportion has a negative relation with corporate financial performance. Our findings support that the “split-share reform” actually improves Chinese listed company’s performance and corporate governance. Furthermore, we consider that to enable long-term performance, increasing the participation of non-government institutional investors and establishing the incentive schemes for shareholders will be the most important issue.

並列關鍵字

Chinese Stock Market ； Split-Share Reform ； Financial Performance ； State Ownership ； Ownership Structure

參考文獻

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Beltratti, A. and Caccavaio, M. (2007), Asset Float and Stock Prices: Evidence from the Chinese Stock Market, Working Paper, Bocconi University, Available at SSRN: http://ssrn.com/abstract=971721

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Brav, A. and Gompers, P.A. (2003), The Role of Lockups in Initial Public Offerings, Review of Financial Studies, Vol. 16, No. 1, pp. 1-29.

國際替代計量

中國大陸股權改革與公司財務績效關係之探討

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