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20051271ModernEconomicScienceJan.,2005Vol.27No.13,(,300071):,,,:,,;,URedikerSeth,,,,,:;;:F276.6:A:1002-284(2005)01-0017-07:[1],,,,[2],,[3],,[4]Fama,:2004-11-22:(70272026)(02BJY127)(TJ03-GL015):(1957-),,,,,,,:(1978-),,,,,[5],[6],[7]1997,,50,1997RussellReynolds,2000,,20%71©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.[8],LiptonLorsch,7-8[9]Yer2mack1984-1991500,,,JensenEisenberg,HermalinWeisbachCEO,CEO,;CEO,;PearceZahra,RedikerSeth,,,[10],,,,,(NACD),,,,,(Standard&Poor),:,,,,,[11],200216,[12](Deminor)CEO,(CLSA)200025495,,,,,,[13],,;,,[14][15,16][17],,,,,,,,,,,,81©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(),,,,,,,,,1:1CCGInk21CCGInk22CCGInk23CCGInk24CCGInk25,,,,,,,100%,0()(),,2002(2002630),2002(2002630),931()2:2CCGINKCCGI2nkCCGInk21CCGInk22CCGInk23CCGInk24CCGInk2543.41%34.24%59.17%42.19%41.32%53.59%10.37%23.84%18.74%31.94%22.50%33.94%72.95%100.00%96.35%100.00%100.00%100.00%1.56%0.00%3.65%0.00%0.00%0.00%74.51%100.00%100.00%100.00%100.00%100.00%:91©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(),,(),()3,,,46.0%,,41.00%,,0.16,,;,:,,,,;,,;3CCGINK66(7%)10(15%)0.460.660.260.400.11524(56%)24(5%)0.430.730.020.710.1056(6%)2(4%)0.440.660.020.640.1132(3.1%)0(0)0.450.590.290.300.0970(8%)8(11%)0.460.750.220.530.1225(2.5%)1(4%)0.410.570.270.300.097(0.8%)1(14%)0.420.700.230.470.1638(4%)3(8%)0.430.610.240.370.0916(1.7%)1(6%)0.440.620.210.410.1336(4%)2(6%)0.460.640.300.340.0842(5%)2(5%)0.450.640.230.410.108(0.9%)0(0)0.440.590.290.300.1011(1%)0(0)0.440.590.260.330.10:,,;CCGINK,10002©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()4,,,,,45.39%;,,36.71%,,,,,,,,,,,,,;,,;,,;,,;,,,,()1.,,,,,(,),,RONAFP4,CCGI2nkCCGInk21CCGInk22CCGInk23CCGInk24CCGInk2542.30%31.94%58.38%40.08%43.57%50.48%39.37%29.16%57.75%41.67%27.22%30.37%45.39%35.60%62.15%45.99%41.42%54.78%42.12%37.18%54.26%38.46%36.15%55.56%42.94%31.67%59.60%42.50%43.83%53.00%43.63%34.63%59.23%42.20%41.31%54.53%36.71%28.41%62.97%38.64%41.82%43.03%:12©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(i=1,212);,,HS1HS2(,)2.DI,,:RONA(FP)=C+1DI+2DI2+3HS1+4HS2+iIndusi+(1)C1234i,Eviews3.1,(1)5:5RONAFPRONAFPCoefficientProb.CoefficientProb.C-16.520.090.580.00DI98.200.050.250.03DI2-107.320.02-0.300.07R-squared0.110.085:a.RONAU,10%;b.U,10%,,(Jensen),,,,,,,RedikeranjuSeth,,U,,,,,,,Jensen,,,,,,,:1.,,,,,,,,,,,,,,,,2.UU,RedikeranjuSeth,,,22©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:1.,,,;2.,,,:[1]BerleA,MeansG.TheModernCorporationandPrivateProperty[M].NewYork:Macmillan,1968.[2],,.[C].:,2003.[3]FamaEF,JensenMC.Separationofownershipandcon2trol[J].JournalofLawandEconomics,1983,26:327-349.[4]WilliamsonO.CorporateFinanceandCorporateGovern2ance[J].JournalofFinance,1988,43:567-592.[5]FamaE.AgencyProblemsandTheTheoryofTheFirm[J].JournalofPoliticalEconomy,1980,88:288-307.[6]EisenbergM.TheStructureofTheCorporation:ALegalAnalysis.Little,BrownandCo.Boston,1976.[7]FamaE.AgencyProblemsandTheTheoryofTheFirm[J].JournalofPoliticalEconomy,1980,88:288-307.[8].[J].,2003,(3):15-17.[9]LiptonM,LorschJW.AModestProposalforImprovedCorporateGovernance[J].BusinessLawyer,1992,48:59-77.[10]KennethJRediker,AnjuSeth..[C].:,2003.139-153.[11].[J].,2003,(3):13-25.[12].[J].,2002,(11):64-70.[13]GampersP,IshiJL,MetrickA.CorporateGovernanceandEquityPrices[J].NBERWorkingPaper8449,2001.[14]KlapperLF,loveI.CorporateGovernance,InvestorProtectionandPerformanceInEmergingMarkets[R].WorldBankWorkingPaper,2002.[15].[J].,2000,(10):13-15.[16].[J].,2001,(5):48-54.[17].[N].,2001,(9):4-16.:32©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(TheManagementSchool,ShanghaiJiaotongUniversityShanghai200030,China)Abstract:ThispaperevaluatestheperformancevariationsoftheprivateenterpriseslistedonChinapstwoexchangesacross2yearsbeforeandafterlistingduringtheperiodof19962001.Itisconcludedthatearningability,actualsalesandfinancialpositionaresignificantlyimproved,whileonlyprofitabilitydeclinedsomewhatafterlisting.Inaddition,wefindthatIPOprivatefirmshaveappreciablybetterperformancethanthatofBSonesandthefinancingconditionbecomesmorefavorable,whichisrelevanttoboththefeaturesofprivateenterprisesandChineseregulatoryrules.Therefore,weholdthattheoutcomeofprivatefirms’listingispositive,andChina’seconomictransformationwillbeasuccessiveprocess.Keywords:Privateenterprise;Performance;IPO;BSControllingShareholder,ActualControlRightsandtheProtectionofSeparateShareholderspInterestsWANJun2yi(Economics&ManagementCollegeofSouthChinaAgric