中国国有企业整体上市绩效研究

The Study on the Performance of Overall Listing of State-Owned Enterprises

为了提升国有资产的证券化和资本化水平,推进国有大型企业母公司的股份制改革,支持国有大企业把优良主营业务资产逐步注入上市公司,国有企业整体上市是国资委2003年以来一直的鼓励政策。本文运用因子分析法对我国2004～2009年已整体上市的国有企业整体上市前后三年的绩效进行了实证研究。样本中国有企业整体上市当年和整体上市前一年的绩效相比,绩效提高的有14家,下降的有15的;整体上市后一年和整体上市当年的绩效相比,绩效提高的有17家,下降的有12家;整体上市后一年和整体上市前一年的绩效相比,绩效提高的有16家,下降的有13家,整体上市对国有企业绩效的影响缺乏延续性。企业整体上市不仅是政府推动国有企业改革的成果,还是政府促进我国证券市场健康可持续发展的重要举措。整体上市模式选择、注入资产质量和上市后的整合直接影响着整体上市的效果,为推动整体上市的健康发展,必须不断完善与中小股东利益相关的法律法规和政策制定,完善一系列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。

With the purpose of helping the state-owned property to he securitized, promoting transformation of the parent companies of large state-owned enterprises into joint stock companies, and injecting main business assets into listed companies, SASAC has been encouraging and supporting the overall listing of large state-owned enter- prise since 2003. Using the factor analysis method, this paper gives an empirical research on the performance of overall listing of state-owned enterprises in three years. In our samples, compared with the previous year＇ perform- ance of overall listing, 14 state-owned enterprises＇ performance had increased, and 15 state-owned enterprises＇ performance had decreased the year of overall listing. Compared with the year of overall listing, 17 state-owned en- terprises＇ performance had increased, and 12 state-owned enterprises＇ performance had decreased the year after o- verall listing. Compared with the previous year＇ performance of overall listing, 16 state-owned enterprises＇perform- ance had increased, and 13 state-owned enterprises＇ performance had decreased the year after overall listing. The benifit of overall listing is lack of continuity for state-owned enterprises. The state-owned enterprises＇ overall listing is not only the great achievement of the reform of the state-owned enterprises, but also an important measure to pro- mote the healthy development of the securities market. The effect of overall listing is affected by the mode selec- tion, the quality of the asset injected to the listed company, and the integration of the overall listing. To promote the healthy development of overall listing, it ＇ s necessary to improve the constraction of the relevant laws, regulations and policies, and to perfect the institutional arrangement which matches the overall listing of state-owned enterpri- ses; and it is crucial to enact strict standards on overall listing and to choose a fit pattern; and it is urgent for the state-owned enterprises to take the opportunity of overall listing to promote the deep integration of main business. Scientific formulation of standard of overall listing. The improvement of the enterprises＇ performance after overall listing is due to the quality of the asset injected into the enterprises above all. When enterprise prepare for overall listing, they must formulate the standard scientifically; examine the asset ready to be injected strictly; and divest the non-performing assets to ensure the quality of the injected asset. In this way, the overall listing, which can be suited to the need of enterprises and the market, can accomplish the original goal of overall listing. Choosing the suitable mode to promote the development of enterprises. During the different modes of overall listing, reverse acquisition of parent company and convertible merger have a great effect upon the improvement of the performance of enterprises. Convertible merger has greater effect than reverse acquisition. Because different modes of overall listing have different effects on ownership structure and parent-subsidiary relationship, stated owned enterprises must choose the mode which can adapt to their own condition according to their different features. Only scientific and reasonable choosing the mode of overall listing can benefit the growth of the company and pro- mote the stable growth of the company in the long term. Taking the overall listing as an opportunity to promote the deep integration of the main business. Diversifica- tion of the main business in our state-owned enterprises are popular, which is harmful to the healthy development of the enterprises, especially with the wide span of main business and the loose industrial relevance. Suppose the in- jected asset be integrated comprehensively with the existing operational asset to accomplish the overall listing of main asset, the industrial chain of the listed company can be perfected and the related party transactions between the parent and subsidiary companies can be decreased. Also the intra-industry competition can be eliminated so that the allocation resources can be optimized. Promoting the establishment of the modern enterprise system and making efforts to improve the corporate gov- ernance. To a certain extent, overall listing can improve the operational performance of enterprises. The short-term effect of overall listing must be valued and taking the overall listing as an opportunity to integrate the resource and the company culture to take advantage of overall listing as a measure to build the excellent listed company which op- eration is standardized and which performance is outstanding, orientating scientifically both the Government＇s role and function, and improve the capital market development. On ment, the main duty of government is to creat a good social and ment by making rules and procedure, and constantly improve the interests of minority shareholders. the respect of promoting capital market develop- legal environment for the capital market develop- relevant laws and regulations concerned with the interests of minority shareholders.