文献精选Transferofcont

论文题目：Doestransferofcontrolrightsandprivatebenefitsofcontrolincreaseefficiency?EvidencefromChina’sprivatizationoftheSOE’s

作者：ShulinWang,MahfuzulHaqueStevenLamb

期刊：JournalofChineseEconomicandBusinessStudies,

推送人：张璐审核人：张昌校对人：陈旖晴

仅用作学术交流，原文版权归原期刊和原作者所有，转载请注明出处

ThisstudyassessesChina’soverallprivatizationefficiencyfromtheperspectiveofprivatebenefitsofcontrol.Resultssuggestthatthereisnostatisticallysignificantchangeinthefirm’sperformanceafterthetransfer.However,ROEisnegativelycorrelatedwiththemagnitudeofblockpremiumsatthepointofpurchase.Theresearchalsofindsthattheaverageprivatebenefitofaprivatecontrollingshareholderissignificantlyhigherthanthatofastate-controllingshareholder.Obtainingprivatebenefitsofcontrolisoftentheprivatebuyers’mainacquisitionmotive.However,privatebenefitunderminesthefuturecorporateperformance;therefore,loweringtheprivatebenefitsmayhelpimprovetheefficiencyofprivatization.Asofnow,privatizationbymeansofcontrollingrighttransferamonglisted







































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