中国上場国有企業の民営化と資本再編

抄録

This paper investigates whether privatization is sufficient to raise the profitability of state-dominated companies (SDCs). It compares privatization to capital restructuring of listed SDCs and reveals several significant facts.
Industry and year-adjusted ROE increases over a long period both in privatized companies and capital-restructured SDCs. Both types of reform succeed in improving the efficiency of equity capital.
Year-adjusted ROS and ROA also increase after the change of controlling shareholder, but the effect does not last long. Privatized companies and capital-restructured SDCs face difficult problems in improving the efficiency of assets and sales. However, if the effect of industry change caused by the change of controlling shareholder is excluded, the above short-term effect could only be detected in privatized companies. It suggests that the efficiency problem is more serious in capital-restructured SDCs.
The improvement of the efficiency of equity capital depends on increasing the asset/equity ratio. However, privatized companies can raise more funds through bank loans than capital-restructured SDCs, and this results in the increase of assets and asset/equity ratios being much larger in privatized companies. On the other hand, the debt/asset ratio rises rapidly in privatized companies, while it does not change significantly in capital-restructured SDCs.
It is found that if the profitability and financial conditions are poor, the possibility of privatization other than via capital restructuring rises.
However, there is not enough evidence that the increased profits in privatized companies result from the manipulation of sales management expenses during privatization.