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Three essays on the new Chinese economy.

机译：关于新中国经济的三篇论文。

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Over the past two decades, China has been the world's fastest-growing economy. My dissertation focuses on several important issues in China's recent development and reform: (1) Financial development and economic growth. It is widely recognized that financial sector reform is crucial to China's sustainable long-term growth. Therefore, it is important to examine whether there is statistical evidence of causal links among China's banking sector development, stock market development, and economic growth during the past decade. This essay uses a vector autoregressive (VAR) approach to analyze quarterly data from 1995 to 2005, and shows that as China's banks improved their efficiency, the resulting development in the banking sector promoted economic growth. On the other hand, due to persistent flaws (e.g., illiquidity, insider trading and fraud), China's stock markets did not play an identifiable role in promoting economic growth. My conclusion is consistent with studies using similar empirical approaches for developed economies (e.g., US and UK). (2) Share issue privatization: theory. One of the most important restructurings of the Chinese economy has been privatizing its state-owned enterprises by issuing equity shares. Some important cross-country studies on share issue privatization provide empirical evidence that the profitability and productivity of state-owned enterprises improved after privatization. However, theoretical models have yet to generate unambiguous results to support this empirical regularity. My second essay constructs a Stackleberg game between the government and firm managers in China that unambiguously predicts increases in profitability and productivity after privatization. (3) Share issue privatization: evidence. The third essay empirically tests the theoretical predictions of the second. It provides a new and more accurate identification strategy for "privatization"---the actual change of control from the state to private owners. Cross-sectional, time-series and panel evidence supports the theoretical prediction that "change-of-control matters": state-owned enterprises significantly improve their performance after changes-of-control. Stock market investors also seem to be optimistic about the effects of change-of-control. The improvements of corporate governance, especially the management turnovers associated with transfers of control, significantly contribute to increases in firm profitability.
机译：在过去的二十年中，中国一直是世界上增长最快的经济体。本文主要研究中国近期发展和改革中的几个重要问题：（1）金融发展与经济增长。众所周知，金融业改革对中国可持续的长期增长至关重要。因此，重要的是要检查在过去十年中，是否有统计证据表明中国银行业发展，股票市场发展和经济增长之间存在因果关系。本文使用向量自回归（VAR）方法分析1995年至2005年的季度数据，并表明随着中国银行业效率的提高，银行业的发展促进了经济增长。另一方面，由于持续存在的缺陷（例如，流动性不足，内幕交易和欺诈），中国的股票市场在促进经济增长方面未发挥明显作用。我的结论与针对发达经济体（例如美国和英国）使用类似经验方法的研究一致。 （2）股份发行私有化：理论。中国经济最重要的重组之一就是通过发行股票将其国有企业私有化。一些有关股票私有化的重要跨国研究提供了经验证据，表明私有化后国有企业的盈利能力和生产率得到了提高。但是，理论模型尚未产生明确的结果来支持这种经验规律性。我的第二篇文章构建了中国政府与公司经理之间的Stackleberg博弈，该博弈明确地预测了私有化后利润率和生产率的提高。 （3）股票发行私有化：证据。第三篇论文从经验上检验了第二篇的理论预测。它为“私有化”提供了一种新的，更准确的识别策略，即控制权从国家到私人所有者的实际变化。横断面，时间序列和面板证据支持“控制权变更很重要”的理论预测：国有企业在控制权变更后的绩效显着提高。股市投资者似乎也对控制权变化的影响感到乐观。公司治理的改善，特别是与控制权转移相关的管理人员更替，极大地促进了公司盈利能力的提高。

著录项

  • 作者

    Xiao, Sheng.;

  • 作者单位

    Vanderbilt University.;

  • 授予单位 Vanderbilt University.;
  • 学科 Economics General.;Economics Theory.;Economics Commerce-Business.;Economics Finance.
  • 学位 Ph.D.
  • 年度 2006
  • 页码 111 p.
  • 总页数 111
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 经济学;贸易经济;财政、金融;经济学;
  • 关键词

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