混合所有制股权改革对上市公司价值影响研究

发布时间：2018-07-10 20:02

本文选题：混合所有制 + 股权改革　；参考：《广东财经大学》2016年硕士论文

【摘要】：党的十八届三中全会为“混合所有制经济”注入了新的内容,指出“国有资本、集体资本、非公有资本等交叉持股、相互融合的混合所有制经济,是基本经济制度的重要实现形式”,同时强调,“鼓励发展非公有资本控股的混合所有制企业”。十八届三中全会的决议进一步明确了混合所有制经济的发展方向和路径,使之成为深化国企改革新的有效载体和动力。因此,研究混合所有制股权改革对我国国有上市公司价值的影响,一是,有利于对当前正在深化混合所有制股权改革的上市公司发展提供建议与对策,使其朝着有利于实现公司价值最大化方向发展,深化国企改革内涵;二是,促进我国证券市场稳健发展,一方面能够使监管机构规范股改公司的行为,另一方面也为参与混合所有制改革的投资人的决策提供更多有用的信息,实现投资效益最大化。本文,首先运用事件研究法,基于资本资产定价模型,选取我国41家股改概念板块的上市国有企业作为样本,通过分析混合所有制改革事件前后对公司股票价格或收益率变动,预测估计其对公司价值的影响程度,进一步构建动态面板VAR模型,运用STATA经济应用软件研究非国有股东参股对公司治理结构的影响如:(股权结构、资本结构、债务结构等),进而分析其对公司价值的影响和关系。通过实证研究分析,主要得出以下结论:整体来说,混合所有制股权改革中非国有股比例的提升与公司价值正相关;从股权结构的角度分析,非国有股比例的提升降低了股权集中度,而分散的股权与公司价值负相关;从债务结构的角度与公司流动比率、速动比率正相关,与管理费用率负相关,说明非国有股比例的提升优化了债务结构,使公司经营更加稳健,对营业收入增长率的影响也是正相关的,但营业收入的增长未能带来公司价值的提升,说明拓展型的经营战略可能是由于低价竞争策略模式,未能提升公司净利润与价值;从两权分离的管理角度分析,高管人员报酬与非国有股比例负相关、高管持股比例与非国有股比例正相关,说明非国有股东的参股对我国上市国有公司高管的薪酬进行了调整,降低规范了高管薪酬,增加了长期股权激励的方式,鼓励经理层提升公司价值。从技术进度的角度分析,非国有股参股比例与资产收益率之间的关系不显著,说明技术水平并没有很大的提高,可能受外部技术转让的制度限制或是知识吸收转化为生产力需要一段时间,因此,必须要自主创新增加研发投入,增强自身的创新能力,拥有自主知识产权。
[Abstract]:The third Plenary session of the 18th CPC Central Committee injected a new content into the "mixed ownership economy," pointing out that "the mixed ownership economy with cross-shareholding of state-owned capital, collective capital, non-public capital, etc." It is an important form of realization of the basic economic system, and encourages the development of mixed ownership enterprises with non-public capital holding. The resolution of the third Plenary session of the 18th CPC Central Committee further clarified the development direction and path of the mixed ownership economy and made it a new effective carrier and motive force for deepening the reform of state-owned enterprises. Therefore, to study the impact of the mixed ownership equity reform on the value of the state-owned listed companies in China, first, to provide suggestions and countermeasures for the development of listed companies that are deepening the reform of the ownership of mixed ownership at present. To promote the steady development of the securities market in China, on the one hand, to enable the regulatory bodies to standardize the behavior of companies reforming into shares, and to deepen the connotation of the reform of state-owned enterprises. On the other hand, it also provides more useful information for investors participating in mixed ownership reform to maximize investment efficiency. In this paper, first of all, based on the capital asset pricing model, 41 listed state-owned enterprises with the concept of share reform are selected as samples to analyze the changes of stock price or return rate before and after the mixed ownership reform. Forecast its influence on company value, further construct dynamic panel VAR model, use STATA economic application software to study the influence of non-state-owned shareholders' equity participation on corporate governance structure, such as: (equity structure, capital structure, etc.) Debt structure and so on, and then analyzes its impact on the value of the company and the relationship. Through empirical research and analysis, the following conclusions are drawn: overall, the proportion of non-state-owned shares in mixed ownership reform is positively related to the value of the company; from the perspective of equity structure, The increase of the proportion of non-state-owned shares reduces the degree of equity concentration, while the decentralized equity is negatively correlated with the corporate value, and the debt structure is positively correlated with the company's current ratio, the quick ratio, and the management cost rate. It shows that the increase in the proportion of non-state-owned shares optimizes the debt structure, makes the company more stable, and has a positive correlation with the growth rate of operating income, but the increase in operating income does not bring about an increase in the value of the company. It shows that the expansion strategy may be due to the low price competitive strategy model, which fails to improve the net profit and value of the company. From the perspective of the separation of the two rights, the executive compensation is negatively correlated with the proportion of non-state-owned shares. The proportion of executive ownership is positively related to the proportion of non-state-owned shares, which indicates that the participation of non-state-owned shareholders has adjusted the compensation of the executives of listed state-owned companies in China, reduced and regulated the executive compensation, increased the way of long-term equity incentive. Encourage managers to enhance company value. From the point of view of technical progress, the relationship between the proportion of non-state-owned shares in shares and the rate of return on assets is not significant, indicating that the technical level has not been greatly improved. It may take some time for external technology transfer to be restricted or knowledge absorbed and converted into productive forces. Therefore, it is necessary to increase R & D investment, enhance own innovation ability and own independent intellectual property rights.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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