Control Transfers from Private to State:Good News or Bad News?
研究中国“国进民退”现象，发现从投资者角度看，私人控制权向国家转移在短期带来更强的正异常回报，且市场化程度越高回报越大；长期也有正效应，但与其他控制权转移无显著差异。
In recent years,a special new phenomenon of guojinmintui,i.e.,the rise of state ownership and the decline of the private sectors,emerges in China.This phenomenon is sharp contrast with the long trend of China's reform and open policy,and hence draws much attention and heated debate of scholars,policymakers and practitioners.From the view of investors,this paper argues and finds that in the context of China's specific and special institutions,compared with other kinds of control transfer transactions,guojinmintui is a kind of better news,providing outside investors with significantly stronger short - term positive abnormal return,and high levels of marketization development significandy increase this positive abnormal return.Further,guojinmintui also brings about significant long - term positive abnormal market and operation performance,while there is no significant difference in this long - term effect between guojinmintui and other kinds of control transfer transactions.Our findings have important implications for policies regarding deepening the marketization reform process of China's economy and accelerating private sectors'development.