国有资本投资运营公司试点的价值

The Value of the Pilot Program of the State-owned Capital Investment and Operation Companies

基于企业价值创造视角探讨了国有资本投资运营公司试点成立的经济效果,探索了提升试点公司运行效率和质量的路径,为国资管理体制进一步深化改革提供了经验依据。以试点政策为准自然实验,使用2011-2020年国有资本投资运营公司所投A股上市公司数据,构建双重差分模型实证研究发现,国有资本投资运营公司试点对企业价值产生了显著的正向促进作用。异质性分析表明,对于市场竞争相对充分的行业企业、经济发达地区的企业、非国有企业,试点政策对企业价值的提升作用更为显著;中介效应法分析影响机制发现,试点政策可以通过公司治理、薪酬绩效和流动性支持渠道提升企业价值,其中,流动性支持渠道的影响相对较大。

Based on the perspective of enterprise value, this paper discusses the economic effect of the establishment of state-owned capital investment and operation companies, and explores the ways to improve the operation efficiency and quality, so as to provide the empirical basis for further deepening the reform of state-owned assets management system. This paper uses the DID model with the 2011-2020 public data of listed companies invested by the pilot companies, and builds a quasi-natural experiment from this policy. The results show that the impact of this pilot policy on the enterprise value is significant positive. Meantime, the heterogeneity analysis shows that the impact of this pilot policy is greater on such as competitive industries, developed region, non-state-owned enterprise. Furthermore, the analysis of mediating effect mechanism shows that the pilot policy can improve enterprise value by corporate governance, salary incentives and liquidity support.