民营上市企业国有化:动因和绩效

Nationalization of Private Listed Enterprises:Motivation and Performance

文章利用2004—2018年中国上市企业的数据,通过直接比较法以及回归分析法考察了民营上市企业国有化的动因以及绩效。主要结论如下:(1)经营规模越小、盈利能力越差、负债水平越高的民营企业,越倾向于进行国有化;(2)市场发育程度越低的地区,民营企业越倾向于进行国有化;(3)民营企业在国有化后的盈利能力并没有显著提高,但其销售收入却有所提高,借款能力也有所提高。上述结果表明,中国民营上市企业的国有化,既包含了民营企业为了摆脱经营困境和扩大市场规模而主动推动的动因,也包含了国有资本在民营企业经营产生困难时,对其进行控股以优化产业布局的动因。中国的民企国有化,是国有资本和民营资本双向驱动的结果。

Based on the data of listed enterprises in China from 2004 to 2018,the author studies the motivation and performance of nationalization of private listed enterprises by direct comparison and regression analysis.It is found that the smaller the scale of operation,the worse the profitability and the higher the level of debt,the more inclined the private enterprises are to be nationalized.In areas with lower market development,the private enterprises are more inclined to be nationalized.It is also found that the profitability of private enterprises after nationalization has not been significantly improved,but the sales revenue and the borrowing capacity have been improved.Based on the research results,this paper holds that the nationalization of China’s private listed enterprises not only includes the motivation of the private enterprises to actively promote nationalization in order to get rid of the operating difficulties and expand the market scale,but also includes the motivation of the state-owned capital to control the private enterprises in order to optimize the industrial layout.The nationalization of private enterprises in China is the need of both state-owned capital and private capital.