Are state-owned enterprises under share issuing privatization efficient in China?
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We evaluate the performance changes of 23 state-owned enterprises (SOEs) listed on Shanghai Exchange upon share issuing privatization (SIP)in the period 1993-2009. Before listing, we suppose that return on assets (ROA) of SOEs out-perform those of market, but under-perform that of industries. While, the other proxies--return on equity (ROE), total assets turnover (TSTA) and total debt ratio (TLTA)--outperform those of market or industries. After listing, we find that SIP has some positive impacts on their performance. In addition, there are several evidences that SOEs are more effective than a selected group of privatized enterprises and markets in terms of profitability, output and leverage condition. We also find that SOEs' stock returns are statistically insignificant compared with market or other control sample returns up to four years after IPO. In a word,according to variations of firm performance studied in the period three years before and three years after privatization, we conclude that SOEs are rather more efficient than private enterprises in profitability and output.
Abstract
We evaluate the performance changes of 23 state-owned enterprises (SOEs) listed on Shanghai Exchange upon share issuing privatization (SIP)in the period 1993-2009. Before listing, we suppose that return on assets (ROA) of SOEs out-perform those of market, but under-perform that of industries. While, the other proxies--return on equity (ROE), total assets turnover (TSTA) and total debt ratio (TLTA)--outperform those of market or industries. After listing, we find that SIP has some positive impacts on their performance. In addition, there are several evidences that SOEs are more effective than a selected group of privatized enterprises and markets in terms of profitability, output and leverage condition. We also find that SOEs' stock returns are statistically insignificant compared with market or other control sample returns up to four years after IPO. In a word,according to variations of firm performance studied in the period three years before and three years after privatization, we conclude that SOEs are rather more efficient than private enterprises in profitability and output.
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