STUDY OF REENGINEERING THE STOCK EQUITY STRUCTURE IN CHINESE STATE-OWNED ENTERPRISE REFORM

In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.

Fundamental issues and solutions in the design of China's ETS pilots:Allowance allocation,price mechanism and state-owned key enterprises

This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the issue of allowance allocation,we suggest that the gradual hybrid mode could be applied at the beginning,which starts with mainly free allocation and then increases auction ratio gradually.And grandfathering is a suitable method of free allocation.For the issue of price mechanism,we suggest a price floating zone with open market operation to reduce the uncertainty of prices.For the issue of state-owned key enterprises,we suggest a good coordination with SASAC,defining the state-owned property right and supervision right when state-owned key enterprises are involved into the carbon market,and the local government can set rules of allocation and transaction to limit their potential market power.

Profit Delivery Proportion,Operation Performance and Bond Rating of Agricultural State-owned Enterprises

The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.

Research on evaluation model of technology innovation ability of state-owned enterprises in northeast industry base

The paper viewed the current problem that state-owned enterprises in northeast industry base hadn＇t technologies of their own intellectual property right, whose sources mainly depended on imitation and introduction from abroad. Operational evaluation method and index criteria system of enterprises technology innovation ability were put forward in this paper, different enterprises may revise the model according to their actual situations to evaluate the enterprise technological innovation ability scientifically and quickly. The findings will be helpful to correlative departments to formulate the related policies and also has important theoretical and practical value in technological innovation project of enterprise.

Vehicle Fleet Management Practices and Service Delivery in State Owned Enterprises in Zimbabwe

The main objective of the study was to examine the influence of vehicle fleet management practices on service delivery in State-Owned Enterprises (SOEs) in Zimbabwe. The study adopted a pragmatism research philosophy together with a mixed method research paradigm. In addition, structured questionnaires were distributed to 344 respondents drawn from 86 SOEs. Stratified and purposive sampling was used. Descriptive statistics were calculated using Statistical Package for the Social Science (SPSS) version 20. Exploratory factor analysis (EFA) was done on all items of the study while research hypotheses were tested using Structural Equation Modelling (SEM) in AMOS version 21. The study concluded that vehicle maintenance, fuel management, driver management and vehicle replacement positively influence service delivery. In addition, the study also established that Information and Communication Technologies (ICTs) moderate the influence of vehicle fleet management practices on service delivery. The study recommended that there is need for regular driver training and vehicle programs encompassing electronic spares tracking.

The Comparative Discussion of State Owned Enterprise in Competition Law

Reflect on the benefits and costs of the current approaches in the European Union and the People’s Republic of China.To the conclusion that State Owned Enterprises(SOE)’s and more generally state conduct should be fully covered by competition law.

我国国有企业承担环境社会责任的制度建构--以对接CPTPP相应规则为视角

结合当下ESG体系的全球最新实践,以及我国申请加入CPTPP的现实需求,国企承担环境社会责任的制度建构具有重大意义。CPTPP强调环境法律的高标准、有效性、透明度以及对成员国和企业环境责任监管的程序性,在CPTPP框架下国企可以参与制定、完善自愿性机制环境绩效标准,补充国内对于环境的监管措施。借鉴CPTPP其他成员国相应经验,应统筹考量ESG治理体系及CPTPP环境规则的相应要求,鼓励对接ESG的国际通行标准,平衡国有企业政策性负担与绿色补偿机制,量化环境社会责任披露标准,采取规范第三方独立评估机构参与等举措来持续提升国企国际竞争力,助力我国加入CPTPP。

基于闭环管理理念的国有企业战略管理模式构建研究--以南方电网A公司为例

随着国有企业进入了深化改革阶段,战略管理已经成为国有企业现代化建设的重要内容,更是国企转型发展、高质量发展的必然要求。当前对于国有企业特别是电网企业如何运用战略管理理论和方法来开展体系化的战略管理模式构建,缺乏系统性研究。本文以南方电网A公司为例,系统分析战略管理存在的问题,在坚持“两个一以贯之”原则的基础上,研究提出国有企业战略管理模式框架,为国有企业战略管理改革提供了新思路及落地参考,具有一定的理论价值和实践意义。

国企党建工作的探索实践与深化路径--以深圳市为例

高质量党建是国有企业高质量发展的根本保证,加强国企党建对引领国企改革发展具有重要意义。然而,部分国有企业仍然存在党的领导作用意识淡化、党建工作与业务工作的融合形式化、混合所有制企业党建复杂化、企业人才队伍弱化等问题。为解决以上问题,本文从强化党建引领高质量发展、深化党建与业务互融互促、创新混合所有制企业党建模式以及加强企业人才队伍建设四个方面出发,梳理总结了在深国企党建的探索实践与成效,并从政治引领、组织保障、文化融合和人才培养四项机制着手探讨了推动国企党建的深化路径,以期为全国其他地区国企党建提供有益参考,以助力高质量党建引领国有企业高质量发展。

经营投资问责与国有企业风险防范--基于股价崩盘风险视角的实证研究

以股价崩盘风险为研究视角,采用交错双重差分模型考察经营投资问责制度对国有企业风险防范的影响。研究结果表明,经营投资问责制度实施之后,国有企业的股价崩盘风险显著降低,而提高投资决策稳健性、降低代理成本和改善信息不透明度是经营投资问责制度发挥作用的重要机制。拓展性研究发现,经营投资问责对股价崩盘风险的抑制作用在高管激励更强、法治环境更好和行政层级更高的企业中更明显。进一步的经济后果分析发现,经营投资问责缓解股价崩盘风险后显著提升了国有资本保值增值率。研究结论不仅为经营投资问责制度的有效性提供了新的证据,还为健全国有企业问责体系、防范化解金融风险提供了重要的政策启示。

央企驻地方行业新型智库建设的探索与实践--以国网福建省电力有限公司经济技术研究院为例

[目的/意义]央企驻地方行业新型智库是中国特色新型智库的重要组成部分,承担着服务地方党委政府战略决策、服务行业发展转型升级、服务央企改革发展的重要职责。当前,央企驻地方行业新型智库方兴未艾,下阶段将在服务地方、行业和央企高质量发展中发挥更加重要的作用。因此,研究央企驻地方行业新型智库的发展定位和运作机理、总结典型单位实践经验,对于推动该类智库发展,助力中国特色新型智库建设具有重要意义。[方法/过程]本文立足央企驻地方行业新型智库的三重身份,分析了三重身份之间相互赋能支撑、实现“三位一体”高质量发展的运作机理和独特优势。在此基础上,本文以国家电网公司驻福建省的能源电力行业智库--国网福建省电力有限公司经济技术研究院为对象,总结提炼了该院打造央企驻地方行业新型智库的探索实践和主要成效。[结果/结论]以注重专业专注、注重人才培养、注重机制建设、注重生态构建“四个注重”为抓手,国网福建省电力有限公司经济技术研究院智库建设取得了长足进步,充分彰显了实现“国之大者”服务地方治理、引领行业发展的核心价值,相关经验具有一定借鉴意义。

基于熵权-TOPSIS-秩和比法的国企医院运营评价研究

目的:探索建立与公立医院高质量发展相协调、与国企医院发展实际相适配、满足集团化管理需求的国企医院运营评价体系,为国企医院加强运营管理提供参考。方法:以某国有企业重点管理的27所国企医院为样本,通过熵权法确定运营指标体系权重,应用TOPSIS法对2021-2023年样本医院运营评价进行排序,使用秩和比法对样本医院进行分档。结果:一级指标权重由高到低分别为运行效率(23.00%)、资源产出(20.75%)、业务规模(19.01%)、诊疗结构(18.89%)和质量控制(18.35%);二级指标权重差异较大,由2.358%到4.828%不等;大部分样本医院在3年间的运营水平稳步提升;27所样本医院可分为4类,分别为示范医院4所、潜力医院10所、普通医院9所和待提升医院4所,类别差异具有统计学意义(F=71.822,P<0.001)。结论:熵权-TOPSIS-秩和比综合评价法与国企医院运营评价需求相适配;国企医院运营评价得以整体提升,主要源于运营管控型集团化管理的成功实践;国企医院运营提升情况存在分化趋势,需适时开展分级管理和分类赋能。

公交企业社会责任浅析--以北京公交集团为例

国有企业是国民经济的主导力量,是社会主义经济的重要支柱。公交企业担负着涉及国计民生、交通出行的重要职责,必须承担起应尽的社会责任。北京公交作为“全球最大的公交集团”,有责任在公交行业起到引领作用。本文基于2018-2022年北京公交企业社会责任报告,分析北京公交在经济绩效、社会绩效、环境绩效方面所承担的社会责任,以期使公众对北京公交有更加全面立体的了解和认识。

国有企业数字化采购B2B电商项目实践与落地--以安徽建工电子商城暨皖建云商为例

时下,新型电商业态日新月异,生机勃勃,全新的产业生态不断涌现,正在成为培育新时代经济发展的新动能。国有企业作为国民经济的中坚力量,传统线下贸易高耗低效的现状急需管理变革,探索新型电商经济模式意义深远。文章从当前建筑行业国企数字化转型现状出发进行研究,以安徽建工电子商城暨皖建云商项目实践情况为例,介绍了一个易于使用、高效便捷的建筑行业电子商务平台,聚焦产业融合,供应链协同管理,为建筑业国有企业数字化转型提供未来发展思路。

薪酬-级别倒挂与公司慈善捐赠

公司的慈善捐赠是直接增进社会福利的有效手段,探究公司捐赠决策的行为逻辑具有重要意义。基于2015—2019年国有企业集团下属A股上市公司数据,考察了公司高管获得高于其所属集团负责人薪酬的薪酬—级别倒挂现象对慈善捐赠的影响。研究发现:薪酬—级别倒挂会促使公司高管出于迎合集团的动机增加慈善捐赠,即薪酬—级别倒挂程度越高,公司的慈善捐赠水平越高。区分慈善捐赠性质的检验表明,薪酬—级别倒挂影响下的捐赠主要是非连续、策略性捐赠,支持了迎合假说。进一步分析发现,迎合动机强烈、迎合难度更高以及迎合效果更好时,薪酬—级别倒挂对公司慈善捐赠的影响更明显。因此,国有企业集团在激励下属公司积极承担社会责任时,可以将其相应的考核机制与薪酬体系结合,从而实现更好的激励效果。

并购重组、研发投入与企业价值--基于内部控制、产权异质性的视角

以2008—2019年我国A股上市公司数据为样本,实证分析并购重组、研发投入对企业价值的影响。研究发现:并购重组能够显著提升当期企业价值;研发投入越多,当期企业价值越高;研发投入越多的企业通过并购重组提升企业价值的幅度越大;分样本检验后发现,企业的内部控制越完善,通过并购重组、研发投入方式增加企业价值的可能性越大;与国有企业相比,并购重组和研发投入对企业价值的正向影响更容易在非国有企业中发挥作用;研发投入对并购重组与企业价值关系的正向影响仅在不存在内部控制缺陷的非国有企业中显著。

State-owned enterprises in China: A review of 40 years of research and practice

State-owned enterprises(SOEs)are important components of the Chinese economy.Although SOEs are generally considered inefficient in operations,China’s economy,which relies heavily on SOEs,has been highly successful over the last four decades.This indicates the importance of SOEs in China’s past and future economic success.Therefore,in this study,we review the literature on economic theories and 40 years of practice of Chinese SOEs and discuss implications for future research.Our review consists of four parts:the theories of SOEs and their reform,the performance and financing strategies of SOEs,corporate governance in SOEs,and corporate social responsibility in SOEs.

非国有董事治理积极性能抑制国企并购商誉泡沫吗--来自董事会投票的经验证据

选取2013~2020年A股国有上市公司的经验数据,以非国有董事投非赞成票行为代理其治理积极性,研究非国有董事治理积极性与国企并购商誉泡沫的关系。研究发现:非国有董事治理积极性的提升不仅能够显著降低超额商誉,还能够显著降低商誉减值的计提比例以及商誉减值的发生概率,即非国有董事通过“用手投票”积极治理有效抑制了国企并购商誉泡沫。进一步研究非国有董事治理积极性发挥抑制效应的影响路径发现,非国有董事治理积极性可以通过降低代理成本和缓解信息不对称来显著抑制国企并购商誉泡沫。研究结论为持续推进混合所有制改革,充分发挥非国有董事“用手投票”的积极作用,提升国企并购效果提供了有益启示。

State-owned Enterprises' Outward Investment and the Structural Reform in China

Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this drive. We argue that investment overseas by SOEs is a double-edged sword as far as its impact on domestic reform is concerned. Investing overseas offers opportunities to deepen structural reform in China, but such investment could also strengthen the monopoly position of some SOEs, which is inconsistent with the objective of domestic reform. Therefore, it is important for China to deepen domestic reform with respect to competition, ownership and regulations, to maximize the benefits from investing overseas＇. The present paper also discusses how building market-compatible institutions will resuh in increased innovation. This provides opportunities for Chinese firms to effectively catch up with the advanced technologies to remain competitive in overseas markets.