摘要
本文基于1998-2007年中国制造业企业层面面板数据，从盈利、效率和投资三个方面对中国国有企业公开上市对其绩效的影响进行研究。我们特别考察了数据中的样本选择偏差，并且引入项目评估计量经济学中非参数的处理效应估计方法以控制选择偏差以及由此导致股权结构的内生性问题。我们发现公开上市的企业的绩效在上市之前就相对良好。在控制了这种差别及其他的影响因素后，上市提高了国有企业的销售利润率、净利润水平、人均销售额和人均利润额，并促进了企业的资本支出和长期投资。这一结果与忽略选择偏差和内生性时所得到的估计结果有明显差异。
Using a panel data of Chinese manufacturing firms during the period 1998--2007, this study reexamine, the performance change of SOEs upon public listing in terms of profitability, efficiency, and investment. We find important differences between listed firms and the unlisted Control samples. A （nonparametric） treatment approach from program evalu- ation econometrics is used to account for the endogeneity and selection issues associated with changing ownership and firm performance attributable to these differences and other firm het- erogeneities. Empirical findings are that public listing is effective in improving SOEs＇ earningability, real sales, and workers＇ productivity after listing. Listing promotes SOE＇s capital ex- penditure and long-term investments as well. We also provide evidence on the importance of controlling for selection bias and endogeneity when investigating the effects of public listing.
出处
《经济学（季刊）》
2011年第2期965-988,共24页
China Economic Quarterly
基金
北京大学光华管理学院县域经济和地方金融研究中心的赞助
印尼哈利达集团公司(Indonesian HARITA Group)的资金支持
作者简介
胡吉祥，北京大学光华管理学院；童英，中国银河证券股份有限公司研究部;胡吉祥，北京大学畅春园63楼527室，100871；电话：13810603452；E-mail：hujixiang@gsm．pku．edu．cn。
