国有资本投资公司改革的绩效影响评估及机理分析——以国投集团为例

The Performance Evaluation and Mechanism Analysis of State-owned Capital Investment Company Reform: A Case Study of SDIC Group

基于国投集团这一首批国有资本投资公司改革试点企业的个案分析,通过杜邦分析法,从净资产收益率、总资产净利率与权益乘数、总资产周转率和营业净利率三个层次,剖析国有资本投资公司改革对国投集团的绩效影响并与行业对比分析。结果表明,国有资本投资公司改革实现了提高国投集团绩效、促进整体发展的目标,改革效果明显。更进一步地,从落实功能定位、加强财务风险管控、建立科学治理结构、健全监督约束机制和提升资本运作能力五个方面,全面梳理国有资本投资公司改革对国投集团绩效的影响机理,最后提出相应的发展建议。

Based on the case analysis of SDIC group, one of the pilot enterprises in the State-owned Capital Investment Company Reform, this paper evaluates the influence of the reform on the performance of SDIC Group and compares it with the industry. Through DuPont analysis, this paper calculates the following indicators: ROA, ROE,EM, TAT and NOP. The results show that the State-owned Capital Investment Company Reform has an obvious reform effect, improving the performance and promoting the overall development of SDIC. Furthermore, this paper puts forward the influence mechanism of reform on the performance of SDIC Group: implementing functional orientation,strengthening financial risk regulation, establishing scientific corporate governance structure, improving supervision and restraint mechanism and then improving capital operation ability. Finally, the paper puts forward corresponding development suggestions.