国企混改与财务价值创造

State-owned Enterprise Mixed Ownership Reform and Financial Value Creation

国企拥有资源优势和政策优势,但经营效率不高增值效果不明显。国企进行混合所有制改革,能否提高经营效率和增加企业价值?研究发现:只“混”不“合”、只“混”不“改”的国企改革,不但不能提高投资效率,而且降低筹资效率,毁损企业价值;既“混”又“合”、既“混”又“改”,“混”、“合”与“改”的有机统一的国企改革,既能提高投资效率,又能提高筹资效率,从而增加企业价值。研究结论以期对国企混改提供理论支持和方向指引。

State-owned enterprises have resource advantages and policy advantages,but their operating efficiency is not high and the value-added effect is not obvious.Can state-owned enterprises carry out mixed ownership reforms to improve operating efficiency and increase corporate value?The study found that the reform of state-owned enterprises that only"mixed"but not"combined",only"mixed"and not"reformed",not only failed to improve investment efficiency,but also reduced financing efficiency and damaged corporate value;Both"mixed"and"combined","mixed"and"reformed",and organically unified state-owned enterprise reforms of"mixed","combined"and"reformed"can both improve investment efficiency and raise financing efficiency,and increase corporate value.The research conclusions are expected to provide theoretical support and direction guidance for the reform of mixed ownership of state-owned enterprises.