민영화를 위한 중국 국유기업 신규상장이 투자자의 장단기 주가 수익률에 미치는 영향

• 영문명: The Effects of Privatization of State-Owned Enterprises on IPO Firms’ Initial and Long-term Returns
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 김성환(Sung-Hwan Kim) 리신위(Xin-Yu Li) 리우용샹(Yong-Sang Liu)
• 간행물 정보: 『아태비즈니스연구』제12권 제2호, 97~114쪽, 전체 18쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2021.06.30

영문 초록

Purpose - The purpose of this study was to examine the effects of privatization of Chinese state-owned enterprises (SOEs) on their initial returns and long-term performance after initial public offering(IPO). Design/methodology/approach - This study used 1,599 Chinese IPO firms, some of which were SOEs. The multivariate regression analyses were implemented to analyze their effects. Findings - First, the privatization of SOEs does not have any statistically significant effect on the initial return of IPO firms. Second, the shareholdings of government prior to IPOs for both privatizing of SOEs and non-privatizing firms and for both exchanges of Shanghai and Shenzhen have a statistically significant positive effect on the initial return of IPO firms. Third, the privatization of SOEs has statistically significant negative effect on the long-term returns of IPO firms. Fourth, the state-shareholdings prior to IPOs have statistically significant negative effects on the long-term return of IPO firms. Fifth, the state-shareholdings of the privatizing SOEs prior to IPOs have statistically significant positive effects on the long-term return of IPO firms. Research implications or Originality - The results imply that the higher shareholdings and ownership of the Chinese government on SOEs reduce the information asymmetry for the investors of IPO shares or maybe due to inefficiency of SOEs prior to IPOs lead to lower offer prices or higher opening prices leading to severe underpricing and relatively lower stock market returns in the long-run both for the privatizing firms and for the higher state-shareholding firms, while both factors interactively improve their long-term stock market returns.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 자료 및 연구 방법

Ⅳ. 실증분석

Ⅴ. 결론

키워드

China IPO Privatization SOEs Stock Returns