At the same time, the result conforms to the hypothesizes which are made under the theory of private benefits of control, but differs from that under the theory of efficiency.

• 简言之，国有企业民营化之后经营绩效并没有得到实质性改善，与本文“控制权收益观”下的研究假设相吻合，而背离了“效率观”下的研究假设。