Improving the state-owned assets supervision system(SOASS)can effectively get over the defects of systems and mechanisms and further promote the reform of mixed ownership of state-owned enterprises(SOEs);and the deepe...Improving the state-owned assets supervision system(SOASS)can effectively get over the defects of systems and mechanisms and further promote the reform of mixed ownership of state-owned enterprises(SOEs);and the deepening of the reform can advance the change of the SOASS to the supervision on capital.By analyzing the relationship between the SOASS and the reform of mixed ownership of state-owned enterprises,we have found that collaborative promotion of the change of the SOASS to the supervision on capital and promotion of the reform of mixed ownership can do good to ameliorating the corporate management mechanism,improving the market-oriented management mechanism of enterprises and completing the medium-and long-term incentive mechanisms,etc.to enhance business operation efficiency.Due to such prevailing problems as relative dispersion and vagueness of the policies relating to deepening the reform of SOEs,inconsistent progress of the reform of state-owned assets(SOAs)and SOEs,and corporate reform focusing on apprence,improving the SOASS and deepening collaborative development of the reform of mixed ownership of SOEs are hindered by some constraints.To construct and improve the SOASS and the reform of mixed ownership collaboratively,we should make efforts to promote the reform in the following five aspects,namely,placing importance to policy coordination,boosting synchronism of the reform of SOAs and SOEs at different levels and in different areas to coordinate the nationwide reform of SOAs and SOEs,facilitating reform of the mechanism of enterprises of mixed ownership through mixed capital,and promoting the SOASS and stimulating classified monitoring and reform of mixed ownership based on classified reform of SOEs.展开更多
深化国有企业混合所有制改革是“十四五”规划的重点议题,随着国企改革三年行动进入下半场,资本市场已成为改革重地,混改政策对国有上市公司股价信息效率的影响日益受到关注。借鉴并拓展Bai et al.(2016)提出的股价信息性指标,测度出200...深化国有企业混合所有制改革是“十四五”规划的重点议题,随着国企改革三年行动进入下半场,资本市场已成为改革重地,混改政策对国有上市公司股价信息效率的影响日益受到关注。借鉴并拓展Bai et al.(2016)提出的股价信息性指标,测度出2003—2020年国有上市公司的股价信息性,然后检验国企混改对股价信息性的影响。实证结果表明:第一,混改能够显著提升国有上市公司的股价信息性,其中,提高非国有股东参股程度和增强股权融合度带来的股权结构改善与非国有股东委派高管带来的高层治理改进均有助于提高股价信息性,但股权多样性未能产生显著作用。第二,混改对股价信息性的影响存在股权性质与行业竞争度的异质性,对于央企和位于低竞争行业的国有上市公司来说,其股价信息性的提升仅与混改带来的高层治理改进显著相关。第三,股权结构维度的混改能够通过治理效应和减负效应提高国有上市公司的股价信息性,而非国有股东委派高管主要发挥了治理效应。最后,基于合成双重差分法发现,超过四成的国有上市公司股价信息性在混改后有所上升,特别地,高竞争行业、经济发展水平和市场化水平较高的地区以及中部和东部沿海地区的改善效果更为明显。由此可见,评估资本市场对国企资产的定价效率,对于深化与细化随后的改革工作无疑有着重要的参考价值。展开更多
基金a phased achievement of the Soft Science Research Program of Jilin Provincial Department of Science and Technology titled"Reform of State Assets Supervision System of Jilin Province Focusing on Supervision on Capital"(20190601084FG)the Scientific Research Project of the Education Department of Jilin Province titled"Research on Collaborative Promotion of Improving the State Assets Supervision System and Deepening of the Reform of State-owned Enterprises of Jilin Province"(JJKH20211239SK).
文摘Improving the state-owned assets supervision system(SOASS)can effectively get over the defects of systems and mechanisms and further promote the reform of mixed ownership of state-owned enterprises(SOEs);and the deepening of the reform can advance the change of the SOASS to the supervision on capital.By analyzing the relationship between the SOASS and the reform of mixed ownership of state-owned enterprises,we have found that collaborative promotion of the change of the SOASS to the supervision on capital and promotion of the reform of mixed ownership can do good to ameliorating the corporate management mechanism,improving the market-oriented management mechanism of enterprises and completing the medium-and long-term incentive mechanisms,etc.to enhance business operation efficiency.Due to such prevailing problems as relative dispersion and vagueness of the policies relating to deepening the reform of SOEs,inconsistent progress of the reform of state-owned assets(SOAs)and SOEs,and corporate reform focusing on apprence,improving the SOASS and deepening collaborative development of the reform of mixed ownership of SOEs are hindered by some constraints.To construct and improve the SOASS and the reform of mixed ownership collaboratively,we should make efforts to promote the reform in the following five aspects,namely,placing importance to policy coordination,boosting synchronism of the reform of SOAs and SOEs at different levels and in different areas to coordinate the nationwide reform of SOAs and SOEs,facilitating reform of the mechanism of enterprises of mixed ownership through mixed capital,and promoting the SOASS and stimulating classified monitoring and reform of mixed ownership based on classified reform of SOEs.
文摘深化国有企业混合所有制改革是“十四五”规划的重点议题,随着国企改革三年行动进入下半场,资本市场已成为改革重地,混改政策对国有上市公司股价信息效率的影响日益受到关注。借鉴并拓展Bai et al.(2016)提出的股价信息性指标,测度出2003—2020年国有上市公司的股价信息性,然后检验国企混改对股价信息性的影响。实证结果表明:第一,混改能够显著提升国有上市公司的股价信息性,其中,提高非国有股东参股程度和增强股权融合度带来的股权结构改善与非国有股东委派高管带来的高层治理改进均有助于提高股价信息性,但股权多样性未能产生显著作用。第二,混改对股价信息性的影响存在股权性质与行业竞争度的异质性,对于央企和位于低竞争行业的国有上市公司来说,其股价信息性的提升仅与混改带来的高层治理改进显著相关。第三,股权结构维度的混改能够通过治理效应和减负效应提高国有上市公司的股价信息性,而非国有股东委派高管主要发挥了治理效应。最后,基于合成双重差分法发现,超过四成的国有上市公司股价信息性在混改后有所上升,特别地,高竞争行业、经济发展水平和市场化水平较高的地区以及中部和东部沿海地区的改善效果更为明显。由此可见,评估资本市场对国企资产的定价效率,对于深化与细化随后的改革工作无疑有着重要的参考价值。
