摘要
以国企混改对企业价值的影响作为研究对象,选取2014-2016年国企混改概念股为样本,考察国企混改对企业市场价值的作用及其影响因素。实证结果表明:在控制了资本结构、现金流、经济效益和公司规模等因素的情况下,国企混改对企业市场价值的提升发挥了显著的正向作用,不同行业的国企混改效果存在差异,电信业、采矿业及建筑业的国企混改带来的价值提升作用最为明显。
Taking the influence of mixed ownership reform of state-owned enterprises(SOEs’) on enterprise value as the research object,this paper selects the concept stocks of mixed ownership reform of SOEs’ from 2014 to 2016 as samples to investigate the effect of mixed ownership reform of SOEs’ on enterprise market value and its influencing factors. The empirical results show that controlling for factors such as capital structure,cash flow,economic benefits and company size,SOEs’ to mixed ownership reform to the promotion enterprise’s market value has played a significant positive effect. Mixed ownership reform effect of SOEs’ in different industries is different,the value upgrading of SOEs’ in the telecom industry,mining industry and construction industry is most obvious.
作者
任广乾
毕钰
徐瑞
Ren Guangqian;Bi Yu;Xu Rui(School of Business,Zhengzhou University,Zhengzhou 450001,China;School of Taxation,Central University of Finance and Economics,Beijing 100081,China)
出处
《经济与管理》
CSSCI
2019年第6期80-85,共6页
Economy and Management
基金
国家自然科学基金青年项目(71702171)
国家社会科学基金项目(14BGLO54)
郑州大学经济学管理学新兴学科孵化研究基地项目(32610168)
关键词
国有企业
混合所有制改革
国企混改概念股
市场价值
state-owned enterprises(SOEs’)
mixed ownership reform
the mixed ownership reform concept stocks of SOEs’
market value
