国铁上市公司股权结构对企业经营效益的影响研究  

Research on the impact of equity structure of China railway listed companies on business performance

作　　者：梁志杰 李悦 肖永青 王浩 郭利田 LIANG Zhijie;LI Yue;XIAO Yongqing;WANG Hao;GUO Litian(Transportation&Economics Research Institute,China Academy of Railway Sciences,Beijing 100081,China)

机构地区：[1]中国铁道科学研究院集团有限公司运输及经济研究所,北京100081

出　　处：《未来与发展》2023年第11期76-80,共5页Future and Development

基　　金：国铁控股合资铁路公司经营效益分类提升技术研究(2019YJ082);铁路多元投资、股权监管与专业化经营管理优势合作互补理论和实务研究(2019F015)。

摘　　要：十八大以来,我国铁路企业混合所有制改革持续推进,多家国铁企业成功上市,改革取得显著成果。对于企业来说,构建合理的股权结构对企业经营效益提升具有重要作用。本文以中国国家铁路集团有限公司(简称“国铁集团”)所属3家运输类上市公司2007—2022年季度数据为样本,通过建立计量模型实证检验了国有股权结构与企业经营效益之间的关系,实证结果显示,国铁企业上市公司国有股权结构与企业经营效益之间呈现一种倒U型的关系。本文研究结论可为国铁企业混合所有制改革中的股权结构设计及经营效益提升提供实践参考和决策支持。Since the 18th National Congress,diversified ownership reform of China's railway enterprises has continued to advance,leading to a series of national railway enterprises successfully listed,and the reform has achieved remarkable results.For companies,building a reasonable shareholding structure plays an important role in improving the operating efficiency of enterprises.Taking the quarterly data of three listed transportation companies affiliated to China National Railway Group Co.,Ltd.(hereinafter referred to as"China Railway Group")from 2007 to 2022 as samples,this paper empirically tests the relationship between state-owned equity structure and enterprise operating efficiency by establishing a quantitative model,and the empirical results show that there is an inverted U-shaped relationship between the stateowned equity structure of listed companies of China Railway enterprises and the operating performance of enterprises.The research conclusion of this paper can provide practical reference and decision-making support for the design of equity structure and the improvement of business efficiency in the diversified ownership reform of China Railway enterprises.

关 键 词：国铁企业 混改 股权结构 经营效益 

分 类 号：F270.3[经济管理—企业管理]