中国国有企业整体上市绩效研究  

The Study on the Performance of Overall Listing of State-Owned Enterprises

作　　者：魏成龙[1] 许萌[1] 杨松贺[1] 

机构地区：[1]河南大学工商管理研究所,河南开封475004

出　　处：《经济管理》2012年第9期61-76,共16页Business and Management Journal ( BMJ )

基　　金：国家社科基金项目"国有资本产权市场的政府监管研究"(07CJL009);"加快国有大型企业的现代企业制度建设问题研究"(08CJY033)

摘　　要：为了提升国有资产的证券化和资本化水平,推进国有大型企业母公司的股份制改革,支持国有大企业把优良主营业务资产逐步注入上市公司,国有企业整体上市是国资委2003年以来一直的鼓励政策。本文运用因子分析法对我国2004～2009年已整体上市的国有企业整体上市前后三年的绩效进行了实证研究。样本中国有企业整体上市当年和整体上市前一年的绩效相比,绩效提高的有14家,下降的有15的;整体上市后一年和整体上市当年的绩效相比,绩效提高的有17家,下降的有12家;整体上市后一年和整体上市前一年的绩效相比,绩效提高的有16家,下降的有13家,整体上市对国有企业绩效的影响缺乏延续性。企业整体上市不仅是政府推动国有企业改革的成果,还是政府促进我国证券市场健康可持续发展的重要举措。整体上市模式选择、注入资产质量和上市后的整合直接影响着整体上市的效果,为推动整体上市的健康发展,必须不断完善与中小股东利益相关的法律法规和政策制定,完善一系列与整体上市相配套的制度安排,严格制定整体上市标准、选择适合企业发展的整体上市模式,以整体上市为契机,促进企业主营业务的深度整合。With the purpose of helping the state-owned property to he securitized, promoting transformation of the parent companies of large state-owned enterprises into joint stock companies, and injecting main business assets into listed companies, SASAC has been encouraging and supporting the overall listing of large state-owned enter- prise since 2003. Using the factor analysis method, this paper gives an empirical research on the performance of overall listing of state-owned enterprises in three years. In our samples, compared with the previous year＇ perform- ance of overall listing, 14 state-owned enterprises＇ performance had increased, and 15 state-owned enterprises＇ performance had decreased the year of overall listing. Compared with the year of overall listing, 17 state-owned en- terprises＇ performance had increased, and 12 state-owned enterprises＇ performance had decreased the year after o- verall listing. Compared with the previous year＇ performance of overall listing, 16 state-owned enterprises＇perform- ance had increased, and 13 state-owned enterprises＇ performance had decreased the year after overall listing. The benifit of overall listing is lack of continuity for state-owned enterprises. The state-owned enterprises＇ overall listing is not only the great achievement of the reform of the state-owned enterprises, but also an important measure to pro- mote the healthy development of the securities market. The effect of overall listing is affected by the mode selec- tion, the quality of the asset injected to the listed company, and the integration of the overall listing. To promote the healthy development of overall listing, it ＇ s necessary to improve the constraction of the relevant laws, regulations and policies, and to perfect the institutional arrangement which matches the overall listing of state-owned enterpri- ses; and it is crucial to enact strict standards on overall listing and to choose a fit pattern; and it is urgent for the state-owned enterprises to take the opportunity of overa

关 键 词：整体上市 国有大型企业 因子分析法 

分 类 号：C813[社会学—统计学] C915