国有资产证券化与企业价值创造:基于中央企业集团的经验证据  

Securitization of state-owned assets and enterprise value creation:Based on empirical evidence of central SOEs

作　　者：翟慧君 毛新述[2] 郭鑫 ZHAI Huijun;MAO Xinshu;GUO Xin(School of Accounting,Shanghai Lixin University of Accounting and Finance,Shanghai 201620,China;Business School,Beijing Technology and Business University,Beijing 100048,China)

机构地区：[1]上海立信会计金融学院会计学院,上海201620 [2]北京工商大学商学院,北京100048

出　　处：《中国软科学》2023年第9期127-141,共15页China Soft Science

基　　金：国家自然科学基金面上项目“基于股东资源理论的国有企业混合所有制改革研究”(72172009);北京市属高校教师队伍建设支持计划高水平科研创新团队项目“国资国企改革与发展”(BPHR20220105)。

摘　　要：国有资产证券化既是新一轮国资国企改革的核心环节与战略选择,也是完善国资监管、引领产业布局、联动社会资本的重要途径。对2004—2019年央企集团的国有资产证券化率进行测算并研究其价值创造效应。结果表明,受到成本和收益的双重影响,国有资产证券化与企业价值创造呈现出“U型”关系,仅当国有资产证券化率达到一定的阈值(46.5%)才能创造企业价值。机制分析表明,异常关联交易是企业价值创造呈“U型”变动的部分原因。进一步分析发现:首先,央企集团使用IPO方式提高国有资产证券化会对集团内部其他企业产生溢出效应,且这个溢出效应随着国有资产证券化率的提升而增大;其次,国有资产证券化与央企控股上市公司价值也存在“U型”关系;最后,国有资产证券化可与国企分类改革、董事会建设与混合所有制改革产生政策协同效应。Securitization of state-owned assets is not only the core link and strategic choice of the new round of state-owned assets and state-owned enterprises reform,but also an important way to improve the supervision of state-owned assets,leading the industrial layout and linkage social capital.We measured the securitization rate of state-owned assets of central SOEs from 2004 to 2019 and studied its value creation effect.The results show that there is a U-shaped relationship between the securitization of state-owned assets and the value creation of enterprises due to the dual impact of costs and benefits.Only when the securitization rate of state-owned assets reaches a certain threshold value(46.5%)can the enterprise value be created.Intermediary effect analysis shows that abnormal related-party transactions are part of the reason for the U-shaped change of enterprise value creation.Further analysis shows that the use of IPO by central enterprise groups to improve the securitization of state-owned assets will have a spillover effect on other enterprises within the group,and the spillover effect will increase with the increase of state-owned assets securitization rate.There is also a“U-shaped”relationship between state-owned assets securitization and the value of listed companies controlled by central state-owned enterprises.Finally,the securitization of state-owned assets can produce policy synergies with the classification reform of state-owned enterprises,the construction of the board of directors and the mixed ownership reform.

关 键 词：国有资产证券化 价值创造 中央企业集团 U型 

分 类 号：F812[经济管理—财政学]