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研究生:魏旭伶
研究生(外文):Wei, Hsuling
論文名稱(外文):State-ownership and corporate performance in Chinese airline industry
指導教授:陳明祥陳明祥引用關係郭良瑋
指導教授(外文):Chen, MinghsiangKuo, Liangwei
口試委員:陳明祥郭良瑋鎮明常陳乃維
口試委員(外文):Chen, MinghsiangKuo, LiangweiCheng, MingchangChen, Naiwei
口試日期:2012-04-27
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:英文
論文頁數:67
外文關鍵詞:State-ownershipCorporate performanceRiskAirlinesChina
相關次數:
  • 被引用被引用:0
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  • 下載下載:1
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This study investigates whether the state-ownership (SOP) can significantly affect the performance of China’s airline industry over the period from the first quarter of 1994 to the fourth of quarter 2011. The study includes six sample airline firms; five are listed in the Shanghai Stock Exchange and one is listed in the Shenzhen Stock Exchange. Six measures of corporate performance are profitability, stock market performance, solvency, operating efficiency, growth opportunity and risk. Panel regression test results show that the state-ownership, size, the growth of GDP and the event of SARS outbreak affect the performance of China’s airline industry. Further, the relationship between firm performance and the proportion of shares owned by the state is U-shaped, whereas the relationship between state-ownership and firm risk is inverted U-shape. Specifically, an inverted U-shaped represents the effects of SOP on airline performance, indicating that SOP have a significantly negative impact on airline performance up to a turning point. However, when SOP is greater than their corresponding turning points, this factor can significantly raise airline performance.
Abstract
Table of contents
List of Tables
1. Introduction
2. Literature Review
2.1. The impact of state-ownership on firms performance
2.2. The Reform of Chinese Airline Industry
2.3. The relevant literature review in Chinese airline
3. Data and variables
3.1. Explanatory variables: State-ownership and control variables
3.2. Measures of firm performance and risk
3.2.1. Profitability
3.2.2. Stock market performance
3.2.3. Solvency
3.2.4. Operating efficiency
3.2.5. Growth opportunity
3.2.6. Beta, unsystematic risk and total risk
4. Regression analysis based on panel data
4.1. Panel regression model
4.2. Estimation method of panel regression tests
5. Panel regression test results
6. Discussion and policy implication
7. Conclusion and future research direction
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