国企发行上市、企业绩效与潜在影响因素

发布时间：2018-03-22 08:33

本文选题：国有企业　切入点：发行上市　出处：《证券市场导报》2010年08期 　论文类型：期刊论文

【摘要】：本文研究了中国国有企业发行上市前后的绩效分布和变化特征,并重点从宏观层面和微观层面分析了绩效变化的影响因素。我们发现,国有企业发行上市后的盈利能力整体上是下降的,而产出水平和运营效率得到一定程度的改善。进一步研究表明,经济增长率、市场竞争度、资本市场成熟度、机构投资者、股权再融资和选择"四大"审计能够促进发行上市后绩效水平的改善,大股东控制度、中央控制、股权制衡度、集权式管理和关联交易对发行后的绩效具有显著负相关影响,而行业管制、投资者保护度、地区市场化和对外担保对发行上市后绩效的影响效应不明显。
[Abstract]:In this paper Chinese state-owned enterprises to issue performance characteristics of distribution and variation before and after listing, and mainly from the macro level and micro level analysis of the factors affecting the performance of change. We found that the state-owned enterprises to issue after the listing of the overall profitability is declining, while the production and operation efficiency of the effluent is improved to a certain extent further studies. Show that the economic growth rate, market competition, capital market maturity, institutional investors, equity refinancing and choose the "big four" to promote the improvement of the level of performance audit issued after the listing, the central control system, the control of major shareholders, equity balance degree, centralized management and related transactions have a significant negative impact on the related issue the performance of the industry regulation, investor protection, regional market and external guarantee of performance of the issuing and listing effect is not obvious.

【作者单位】：上海财经大学财经研究所;上海社会科学院;
【基金】：国家自然科学基金项目(批准号:70702035) 教育部人文社会科学一般项目(批准号:07JC630012) 上海财经大学“211工程”三期重点学科建设项目(批准号:2010330035)
【分类号】：F276.1;F272;F832.51;F224

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