作者：朱红军,王彬,田子莘
摘要/Abstract
本文以国光瓷业民营化为例，运用产权理论详细对比了民营化前后的所有权安排。通过对民营化前后的公司绩效指标的分析，我们发现公司业绩并没有如当前有些学者所认为的在国退民进之后有所提高，相反正在不断恶化。我们进一步指出民营化后的所有权安排仍然是有缺陷的，对比此前国有企业的所有权安排没有发生根本上的改进；控制权收益的存在是导致公司业绩恶化的根本原因。政府作为产权改革的主导力量，需要在政策制定时加强对先进理论的运用以确保产权改革能实现预期目标。
This paper is a case study based on privatizing Guoguang Ceramic and described ownership arrangements before and after it was privatized. We analyzed some performance index and found the corporation performance had been deteriorating, not improving as some scholars thought. Private ownership arrangements still have deficiencies and not better than state ownership arrangements. Existence of private benefits of control is the essential reason why the performance had been deteriorating. Property right reform is led by government. So government needs regard the role of advanced theory to insure the expected object of the reform would achieve.