国有企业合并重组提高了企业绩效吗?——以电信业为例  

Does the Merger and Reorganization of State-owned Enterprises Improve the Performance of the Enterprise?——The Restructuring of the Telecommunications Industry as An Example

作　　者：戚聿东[1] 张任之[1] 

机构地区：[1]首都经济贸易大学工商管理学院,北京100070

出　　处：《经济管理》2016年第12期16-30,共15页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金重点项目"深化国有企业改革问题研究"(13AJY012);首都经济贸易大学2015年度学术新人项目"国有企业合并重组的竞争效应研究"(15CUEB001)

摘　　要：针对当前国有企业合并重组浪潮,本文以2008年电信重组为例,通过构建盈利能力和营运能力两方面的指标,从企业微观层面来评估企业并购绩效。结果发现,中国移动的经营效率和运行效率在合并前后变化不明显,中国电信的经营效率在合并后大幅下滑,但是,运行效率得到明显提升,中国联通的盈利能力和营运能力在合并后均出现了大幅度下滑,而造成中国联通和中国电信合并后盈利能力降低的主要原因是合并后企业内部成本费用的急剧上升。三家运营商合并后的企业规模差异较大,难以形成有效竞争的格局。从国际竞争力角度而言,合并后的中国联通和中国电信在盈利能力和营运能力方面与世界500强中的电信运营商还存在着较大的差距。Since the foundation of the SASAC in 2003, in order to improve international competitiveness of state-owned enterprises and optimization of industrial structure, the central and local governments form large-scale enterprise group through ＂Powerful combination＂ of state owned enterprises and ＂strong and weak consolidation＂. In 2006,the State Council issued the ＂on promoting the adjustment of state-owned capital and state-owned enterprise restructuring guidance＂ setting the acquisition targets of ＂the number of central enterprises to adjust to 80-100 even 30-50 home＂, the SASAC is always adhere to speed up the strategic reorganization of state-owned enterpri- ses. By the end of 2015 ,the number of central enterprises has been restructured into 106 from 196 in 2003. Not only that, local state-owned enterprises has also followed the central government, accelerating the pace of merger and re- organization, such as the 130 state-owned enterprise of Guangzhou intends to turn 40. Therefore, this paper takes the latest round of telecom restructuring in 2008 as an example, analyzing the change of enterprise operating perform- ance by this merger and reorganization behavior from the enterprise level. By testing the original intention of the merger and reorganization of state-owned enterprises,it can provide the suggestion for the policy of merging and restructuring of state-owned enterprises. This paper selects the relevant financial data of China Mobile, China Unicorn, China telecom from 2006 to 2012 and the World＇ s Top 500 telecom operators from 2009 to 2012, constructing the indicators of profitability and oper- ating capacity from the micro level enterprises to evaluate estimation performance of mergers and acquisitions. The conclusion of this paper is that ： （ 1 ） China mobile business efficiency and operating efficiency did not change signif- icantly before and after the merger, this is mainly because the size and market share of China Railway Company ac- quired by China Mobile is small,the i

关 键 词：国有企业合并重组 电信业重组 盈利能力 营运能力 

分 类 号：F276.6[经济管理—企业管理]