【摘要】 本文以国光瓷业民营化为例,研究发现公司业绩并没有在“国退民进”之后表现出极大改善,相反正在急剧恶化。我们运用产权理论详细分析了民营化前后的所有权安排,指出民营化后的所有权安排并没有显著改善。基于这种所有权安排的控制权收益是导致公司业绩恶化的直接原因,“国有”时期的控制权收益体现在上市公司为政府的多元化经营目标服务,偏离了企业以盈利为导向的经营目标,而“民营”时期的控制权收益则体现为民营股东从上市公司转移资源。因此,通过完善证券市场的基础法律环境,约束甚至严惩控股股东获取控制权收益,是保证国有上市公司“国退民进”取得成功的基础。更多还原

【Abstract】 This paper is a case study based on privatizing Guoguang Ceramic. It is found that the corporation performance had been deteriorating, not improving as some scholars thought. We analyze ownership arrangements before and after it was privatized and find that private ownership arrangements still have deficiencies and not better than state ownership arrangements. Existence of private benefits of control is the essential reason why the performance had been deteriorating. Private benefits of control with state ownership come from government’s multiple objects of controlled corporation, the benefits with private ownership lie on resources transferred from the corporation. To succeed in privatizing SOEs, it is essential that law circumstance be perfected with which private benefits of control are put down.更多还原