企业转型进程的“历史包袱”与相关约束效应研究

A Study of the “Historical Burden” and Its Relatively Restraining Effect in the Process of Enterprises' Transformation

基于沪深A股上市公司样本分析发现,我国补亏政策对"历史包袱"影响较大。VAR模型验证发现,资本公积规模越大,"历史包袱"越严重,而盈余公积、股本、营业利润和净利润规模对"历史包袱"的作用方向相反。脉冲响应函数验证发现,资本公积、股本对"历史包袱"的冲击作用程度较大,而净利润、盈余公积、营业利润作用程度较小。借鉴补亏政策的国际经验提出如下政策建议:厘清"历史包袱"企业边界,探讨多元化补亏路径,完善减资补亏的法律适用细则,提高企业经营绩效。

Based on great influence on the sample of A-share listed companies, this paper finds that China＇s deficit coverage policy has ＂historical burden＂. VAR model verifies that the larger the scale of the capital reserves, the heavier the ＂historical burden＂. In contrast, surplus reserves, equity, operating profit and net profit have negative effect on ＂historical burden＂. The impulse response function verifies that the impact of capital reserves and equity on ＂historical burden＂ is greater, while net profit, surplus reserves and operating profit are less effective. Drawing on the international experience of the deficit coverage policy, the paper puts forward policy suggestions, including clarifying the boundary of the ＂historical burden＂ enterprises, exploring the multiple routes of covering deficit, perfecting the application of law rules of reducing equity to compensate for the loss, and improving the operating performance.