京津冀地区国有企业资产证券化模式研究

发布时间：2018-04-18 05:28

本文选题：国企改革 + 资产证券化　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：十八届三中全会定下了深化改革的基调,提出进一步利用市场服务改革的方针。在新一轮改革中,国有企业更应利用资本市场倒逼自身的改革。随着中共中央及国务院关于国企改革的顶层方案的不断出台,各个地方政府也出台了相应的国企改革政策,充分运用资本市场,提高资产证券化率在国企改革中被视为一大趋势。京津冀一体化协调发展等相关概念的提出,为京津冀地区的发展指明了方向,而京津冀地区拥有体量庞大的国资国企,国有企业应当通过自身的改革从而更好地服务于京津冀一体化建设。本论文研究主要分为两部分,一是京津冀地区国有企业资产证券化广义模式,即上市模式的研究,二是京津冀地区国有企业其他资产证券化模式的探索,主要是基于狭义资产证券化的视角。本文首先用实证研究的方法,以京津冀地区已经整体上市的国有企业为样本,通过实证研究的方法,分析已经上市的国有企业经营绩效在上市当年及前后一年的绩效及绩效变化程度。其次,结合一体化背景下各省市的城市定位,分析在上述功能定位背景下,各行业的国有企业如何进行自身的定位,并在定位清晰的情况下,如何运用上市模式为主体,其他模式为补充的方式进行改革。通过本论文的研究发现,国有企业在整体上市之后,经营绩效的改善并不明显,主要原因系上市动机不纯,市场退出机制的缺乏等,但也不乏经营绩效明显改善的国有企业。同时狭义资产证券化模式作为上市模式的一种重要补充,理应在国有企业改革中占有一席之地。因此本文建议首先京津冀地区的政府部门应出台相关的政策和制度来保障国有企业资产证券化两种模式的顺利进行,同时京津冀地区的国有企业也应转变观念,加快改革的步伐。
[Abstract]:The third Plenary session of the 18th CPC Central Committee set the tone of deepening the reform and put forward the policy of making further use of market service reform.In the new round of reform, state-owned enterprises should make use of the capital market to push their own reform.With the introduction of the top-level plan of the CPC Central Committee and the State Council on the reform of state-owned enterprises, various local governments have also issued corresponding policies for the reform of state-owned enterprises, making full use of the capital market.Improving the rate of asset securitization is regarded as a major trend in the reform of state-owned enterprises.The development of Beijing-Tianjin-Hebei integration and coordinated development has pointed out the direction for the development of Beijing-Tianjin-Hebei region, which has a large number of state-owned state-owned enterprises.State-owned enterprises should better serve the integration of Beijing, Tianjin and Hebei through their own reform.This thesis is mainly divided into two parts: one is the study of the broad pattern of securitization of state-owned enterprises in Beijing-Tianjin-Hebei region, the other is the exploration of other securitization modes of state-owned enterprises in Beijing-Tianjin-Hebei region.It is mainly based on the perspective of narrow-sense asset securitization.This paper first uses the empirical research method, taking the state-owned enterprises listed as a whole in the Beijing-Tianjin-Hebei region as a sample, through the empirical research method.This paper analyzes the operating performance of the listed state-owned enterprises (SOEs) in the current year and before and after the listing.Secondly, combined with the city positioning of the provinces and cities under the background of integration, this paper analyzes how the state-owned enterprises in various industries carry out their own positioning under the above functional positioning background, and how to use the listing mode as the main body in the case of clear positioning.Other models are complementary to the reform.Through the research of this paper, it is found that the improvement of the operating performance of state-owned enterprises is not obvious after the overall listing, the main reasons are that the motivation of listing is not pure, the lack of market exit mechanism, but there are also many state-owned enterprises whose operating performance is obviously improved.At the same time, the narrow-sense asset securitization model, as an important supplement to the listing model, should have a place in the reform of state-owned enterprises.Therefore, this paper suggests that the government departments in the Beijing-Tianjin-Hebei region should first issue relevant policies and systems to ensure the smooth progress of the two modes of securitization of state-owned enterprises, and at the same time, the state-owned enterprises in the Beijing-Tianjin-Hebei region should also change their concepts.Speed up the pace of reform.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F276.1

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