国企改革、国有资本布局优化与价值创造——基于中央企业并购重组的经验证据

SOEs reform,optimization of state-owned capital distribution and value creation:Evidence from M&As of Chinese central SOEs

国有资本布局优化调整是国有资本高质量发展的关键,但鲜有研究关注其成效.本研究以中央企业并购重组为场景,从微观层面考察国有资本布局优化的价值创造效应.研究发现,国有资本布局优化有助于提高国有资本效率,表现为价值创造效应,但这一效应仅存在于十八届三中全会全面深化国企改革之后,表明微观层面国有资本的布局优化策略从以降数量为主向新时期国有资本质量提升转变.进一步研究发现,相对于特定功能类和公共服务类国有资本,这一效应在商业类国有资本中更显著,而且中央企业通过专业化整合、控股合并实现国有资本价值创造的效应更明显.这一效应的作用路径是国有资本布局优化减少了国有资本同质化竞争和非效率投资,使国有资本聚焦核心主业、形成资源合力.本研究为理解国企改革成效提供了新视角,研究结论对于国资监管部门深化推进微观层面国有资本战略性重组实现国有经济“五力”目标具有重要的实践指导价值.

This paper examines the effectiveness of the optimization and adjustment of state-owned capital layout from the perspective of value creation based on the M&As data for Chinese central state-owned enterprises(CSOEs).The results show that the optimization and adjustment of state-owned capital layout have the effect of value creation,which can improve the efficiency of state-owned capital,but this effect only exists after the reform of the Third Plenary Session of the 18th CPC Central Committee.Further research shows that the value creation effect of state-owned capital layout optimization is heterogeneous.Compared with the CSOEs of specific functional and public service,the value creation effect of state-owned capital layout optimization is more significant for the commercial CSOEs,and the value creation effect of CSOEs through professional integration and holding merger is more significant.The study also confirmsthat the optimization of state-owned capital layout reduces the inefficient competition among CSOEs,and achieves the advantage of resource integration.Overall,this paper provides a new perspective for understanding the optimization of state-owned capital distribution,which has important practical guiding value for SASAC to promote the strategic reorganization of state-owned capital at microcosmic level and achieve the goal of“five forces”of the state-owned economy.