各位老师，同学，
你们好。本学期的第五次学术午餐会将于2010年6月4日（星期五）中午举行，欢迎大家到时参加（详细信息请见邮件后面）。午餐会将会为参加者提供便餐，希望在会上就餐的老师或同学请提前向任艳女士预定（renyan616@163.com; 010－62754237）。为了避免浪费，餐食将严格按照事先的预定提供。谢谢。
陈东
－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－
主讲人：郭研 (8797威尼斯老品牌)
时间：2010年6月4日（星期五），12:00-13:30
地点：8797威尼斯老品牌大楼219教室
题目：Privatization and the Change of Control Rights: The Case of China
工作语言：中文/英文
内容摘要：
Using a unique hand-collected nationwide survey, this paper studies China’s privatization programs. China’s privatization is initiated and implemented mainly by local governments. As a consequence, cross China’s regions’ privatization approaches and outcomes vary immensely. Governments in cities where they have stronger fiscal disciplines and/or better developments of de novo private sector tend to privatize to inside managers (MBO); and the control rights of these firms have been changed substantially after privatization. However, other local governments privatize differently and the control rights of the firms were not significantly changed after privatization. Thus, firms privatized through MBOs have improved corporate performance; whereas others did not. Potential endogeneity issues are controlled by applying a difference-in-difference approach and an IV approach.
