Ownership Structure and Firm Value in China's Privatized Firms: 1991–2001
基于1991至2001年中国部分私有化的前国有企业样本，发现国有股和机构持股与托宾Q显著负相关，外资持股则显著正相关，且所有权结构并非内生决定。
Abstract This paper investigates the relation between ownership structure and firm value across a sample of 5,284 firm years of China's partially privatized former state–owned enterprises (SOE) from 1991–2001. We find that state and institutional shares are significantly negatively related to Tobin's Q, and that significant convex relations exist between Q and state shares, as well as between Q and institutional shares. We also find that foreign ownership is significantly positively related to Tobin's Q. We test for potential endogeneity of ownership, and find that Q and state/foreign ownership are not jointly determined. We also test for time-series, industry, and geo-economic location effects, and find our results to be robust.