The Financial and Operating Performance of China's Newly Privatized Firms
研究1990-97年间208家中国私有化企业的财务与经营绩效变化，发现私有化后产出、资产和销售效率提升，杠杆下降，但盈利能力无显著变化；相比国企，私有化企业盈利能力改善更明显，且控制权转移给私人的企业改善更大。
This study examines the pre- and post-privatization financial and operating performance of 208 firms privatized in China during the period 1990-97. The full sample results show significant improvements in real output, real assets, and sales efficiency, and significant declines in leverage following privatization, but no significant change in profitability. Further analysis shows that privatized firms experience significant improvements in profitability compared to fully state- owned enterprises during the same period. Firms in which more than 50% voting control is conveyed to private investors via privatization experience significantly greater improvements in profitability, employment, and sales efficiency compared to those that remain under the state’s control. Privatization seems to work in China, especially the more private firms become.