“混改”国企股权结构演变的熵值有序性研究——以安徽省上市国企为例

On Entropy Orderliness of Shareholding Structure Evolution of“Mixed Reform”State-Owned Enterprises--A Case Study of Listed State-Owned Enterprises in Anhui Province

以2014—2018年安徽省48家“混改”国企为样本,采用熵值法计算股权结构指标的熵值,判断安徽省上市国企股权结构演变是否有序。研究结果表明:安徽省“混改”国企占股权主要部分是国有股东、国有参股股东持股比例出现增持现象,其熵值不完全体现股权结构演变的有序性;金融机构持股比例、民营企业持股比例较低,但熵值充分体现了股权结构演变的有序性。安徽省上市国企股权结构演变的有序性促进了安徽省“混改”国企自主研发能力、管理效率和企业绩效的提升。

This paper makes a sample study on 48“mixed reform”state-owned enterprises from 2014 to 2018 in Anhui Province,gets the entropy value of the shareholding structure index by using the entropy value method,which can be used to tell the order of the entropy value of shareholding structure evolution.The research results show the following facts:state-owned shareholders account for the major part of equity ownership in the“mixed reform”state-owned enterprises in Anhui Province;there is increased proportion of shares held by state-owned shareholders,the entropy value does not fully reflect the orderly evolution of the shareholding structure;financial institutions and private enterprises have relatively low shareholding ratio,but the entropy value can fully refl ect the orderly evolution of the shareholding structure.The orderly evolution of shareholding in listed State-Owned enterprises can improve the independent research and development ability,management effi ciency and enterprise performance of“mixed reform”state-owned enterprises in Anhui Province.