国有资本投资运营公司的组建试点对企业价值影响的实证研究——基于中央和省级企业准自然实验的证据  

An Empirical Study on the Impact of the Pilot Establishment of State-owned Capital Investment and Operation Companies on the Enterprise Value——Evidence Based on the Quasi-natural Experimentsof Central and Provincial-level Enterprises

作　　者：胡仁昆 刘康羚 HU Renkun;LIU Kangling(Hubei Changjiang Industry Assets Management Co.Ltd,Wuhan,Hubei 430000,China;Hankou University,Wuhan,Hubei 430200,China)

机构地区：[1]湖北长江产业资产经营管理有限公司,湖北武汉430000 [2]汉口学院,湖北武汉430200

出　　处：《山东商业职业技术学院学报》2024年第6期8-14,共7页Journal of Shandong Institute of Commerce and Technology

摘　　要：国企深化改革是推动国民经济实现转型升级和高质量发展的重要举措。党的二十大报告对国企深化改革进一步指明方向,要深化国资监管体系简政放权,实现对国资国企管控模式的转变创新,激发国有经济发展活力。以2011—2022年全部A股上市公司为样本,定义前十大股东中含有国有资本投资运营公司的上市公司作为处理组,不包含的作为控制组,通过构建双重差分模型,实证检验政策试点的经济效果。研究发现,政策试点能显著正向提升上市公司市值,试点力度越大效果越明显。异质性分析表明,政策试点对经济发展高、中高和低水平地区的企业价值作用显著,而对经济发展中低、较低水平地区的作用不显著;在中央企业进行试点的效果比省级层面更显著。Deepening the reform of state-owned enterprises is an important measure to promote the transformation and upgrading of the national economy and its high-quality development.The report of the 20th National Congress of the Communist Party of China further indicates the direction of deepening the reform of state-owned enterprises.It is necessary to deepen the state-owned assets supervision system to streamline administration and delegate power,realize the transformation and innovation of the management and control mode of state-owned assets and state-owned enterprises,and stimulate the vitality of state-owned economy.Based on the sample of all a-share listed companies from 2011 to 2022,this paper defines the listed companies with state-owned capital investment and operation companies among the top ten shareholders as the treatment group and the rest of those as the control group.Through the construction of double difference model,the economic effect of the pilot policy is empirically tested.It is found that that the policy pilot can significantly improve the market value of listed companies,and the greater the pilot intensity,the more obvious the effect.The heterogeneity analysis shows that the policy pilot has a significant effect on the enterprise value in the areas with high,medium and low economic development,but has no significant effect on the areas with low and medium economic development.The effect of piloting in central enterprises is more significant than that at the provincial level.

关 键 词：国有资本投资运营公司 双重差分模型 企业价值 国企深化改革 

分 类 号：F062.6[经济管理—政治经济学]