国有企业整体上市绩效及其影响因素分析

Analysis on the Performance and Influencing Factors of Holistic Listed State Owned Enterprise

为了推进国有大型企业的现代企业制度建设,国资委2003年以来一直鼓励、支持国有大型企业整体上市。本文运用面板数据模型分析了整体上市对国有企业绩效的影响,发现整体上市的国有企业在整体上市当年对企业绩效有显著的促进作用;在整体上市的国有企业中,反向收购母公司模式和吸收合并模式对企业绩效有显著的直接促进作用,换股IPO模式对企业绩效的作用在经济上和统计上均不显著;在整体上市时注入的资产质量对企业绩效也有显著的直接正向作用。为推动整体上市的健康发展,必须不断完善保护中小股东利益的相关法律法规和政策制定,完善与整体上市相配套的制度安排,严格制定整体上市标准、选择适合企业发展的整体上市模式,以整体上市为契机,促进企业主营业务的深度整合。

To promote the construction of modern enterprise system in the large state-owned enterprises, since 2003 SASAC has been encouraging and supporting the holistic listing of large state-owned enterprises by injecting main business assets into listed companies. With panel data model, this paper conducts an empirical analysis on the performance of the holistic listed state-owned enterprises and the factors that affect the performance. The study indicates that the holistic listing palys a significant role in promoting the performance of the state-owned enterprises; both the mode of reverse acquisition of parent company and the mode of merge affects significantly and directly in promoting the performance of the state-owned enterprises. The mode of through merge does not affect significantly, The asset injected into the holistic listed enterprises promotes the performance of the enterprises significantly. For the healthy development of holistic listing of the state-owned enterprises, we must continue to develop the relevant law and policies of the protection of the small shareholders and match the institutional arrangements with the holistic listing of the state-owned enterprises. Also, we should formulate the holistic listing standard strictly and select the suitable mode of holistic listing to fit the enterprises＇ development. Finally, we should use the holistie listing as a chance to pomote the deep integration of the main business of the state-owned enterprises.