国资委成立以来国有控股企业改革成效的实证分析

Empirical Test of Performance of State Holding Listed Companies since NASAC FulfilLs Rresponsibilities of State-owned Assets Investors

针对2002年党的十六大明确了国有资产管理的原则且由中央政府和地方政府分别代表国家履行出资人职责以来的大中型国有控股上市公司的改革成效进行了理论分析和实证分析,得出:(1)由国资委履行国有资产出资人职责,有利于发挥大股东的作用,进而改进和提高了国有控股上市公司的绩效;(2)国资委履行国有资产出资人职责之后,促使董事会规模趋于合理,增加了独立董事的数量,提高了董事会的决策效率和决策水平,进而改进和提高了国有控股上市公司的绩效;(3)国资委履行国有资产出资人职责之后,逐步落实了董事长和总经理两职分任的制度,建立了较为科学的与业绩挂钩的薪酬分配制度,进而改进和提高了国有控股上市公司的绩效。

The Sixteenth National Party Congress in 2002 made the principles of management of state assets clear and had the central and local governments to fulfill responsibilities of investors on behalf of the State. In this paper, we analyze the effectiveness of reform of the large and medium state-owned holding companies by theoretical and empirical approaches from then on. The main conclusions we found are： Firstly, National Assets Supervise and Administrate Committee （NASAC） fulfills responsibilities of State-owned Assets Investors, which is in favor of giving full play to the effect of large shareholders, and thus improves and enhances the performance of state holding listed companies; Secondly, since NASAC fulfills responsibilities of State--owned assets investors, the board size is gradually getting reasonable, and the number of independent directors is increased, which improve the efficiency of board decision-making, as well as the performance of state holding listed companies; Thirdly, since NASAC fulfills responsibilities of State-owned assets investors, the two sub-post office system of chairman and general manager is implemented step by step, and a more scientific distribution system of performance-related pay is estab- lished. All these will help to improve and enhance the performance of state holding listed companiess.