谁获得了国有股权？

摘要

本文以中国上市公司国有股权协议转让为样本，考察了国有股权转让中的几个核心问题，即国有股权转让的动机、定价机制及经济后果。结果表明，中国上市公司的国有股权约以42∶50∶1∶7的比例分别转让给了国企、私企、个人和外企，转让动机表现为经济和政治动机并存；在定价方面，转让给国有和非国有经济体的股权溢价并无显著差异，但相比转让给国企，转让给外企股权的价格较高；尽管国有股权转让不会显著影响企业绩效，但通过股权转让实现民营化的公司，其绩效会有显著的提升。%Based on the sample of listed companies with transferring state-owned shares(SOS),this paper explores several core issues in SOS transfer that are the motives,pricing mechanism and economic consequences of transfer.The results indicate that the SOS of listed companies is transferred to state-owned enterprises,private enterprises,individual and foreign enterprises as the proportion of 42 ∶50 ∶1 ∶7,and the motives of transfer show the coexistence of economic and political motives.Moreover,in the pricing mechanism,there are no significant differences in price premium transferred to state-owned or non state-owned economy,but compared to state-owned enterprises,the price transferred to foreign enterprises is relatively high.Although the transfer of SOS has little impact on performance,privatization through SOS transferring can improve firm performance.