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  本文選題：京東方　切入點：國有控股上市公司　出處：《遼寧大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：我國證券市場的建立不同于一般漸進(jìn)式的發(fā)展模式，而是采取了政府領(lǐng)導(dǎo)的強制性的制度變遷的結(jié)果。建立初衷是為了最大限度地動員社會資金，支持我國改革開放初期經(jīng)濟(jì)的高速發(fā)展，尤其是為了支持國有企業(yè)的股份制改革，為國企的發(fā)展籌集融得所需資金。我國特殊的市場起源方式使得政府對國企的偏愛也轉(zhuǎn)移到了證券市場中，其中比較突出的表現(xiàn)形式就是對國有控股上市公司的補貼。 作為干預(yù)證券市場的一種有效有段，政府補貼作用明顯，效果顯著。但目前，我國的政府對國有控股上市公司的補貼名目繁多，覆蓋面廣，，正呈現(xiàn)愈演愈烈的趨勢。政府補貼在證券市場中對上市公司市場命運的影響力越來越顯著，這在一定程度上促使國有控股上市公司傾向于借助自身預(yù)算軟約束的優(yōu)勢，甚至以承擔(dān)國家一定的政策性任務(wù)為借口，將獲得政府補貼資金視作彌補自身經(jīng)營不佳的捷徑，而忽視作為上市公司本應(yīng)提高經(jīng)營水平，追求利潤最大化的目標(biāo)。因此，在政府補貼繁多的大背景下，探究如何規(guī)范國有控股上市公司在市場中的行為成我們急需解決的問題。 本文以證券市場中國有控股上市公司的典型代表——京東方科技集團(tuán)有限公司為例，以政府對國有控股上市公司的巨額補貼為背景，闡述了我國現(xiàn)階段證券市場中，國有控股上市公司普遍存在的種種不規(guī)范的行為。這些不規(guī)范行為不但限制著公司自身的發(fā)展，也給證券市場的發(fā)展造成負(fù)面影響。由于國有控股上市公司與政府存在紛繁復(fù)雜的聯(lián)系，國有控股上市公司在市場中的不規(guī)范行為不僅源于自身的行為偏差，也受到政府在證券市場中的異化行為的作用和影響。同時，證券市場相關(guān)制度的漏洞為國有控股上市公司和政府的異化行為提供了制度性的便利，法律制度和監(jiān)管體系的不健全也是重要原因之一。最后針對提出的問題和形成問題的原因，從如何合理定位國有控股上市公司角色、完善證券市場制度、健全法律和監(jiān)管體系以及規(guī)范政府行為等方面提出了些許改善建議。
[Abstract]:The establishment of China's securities market is different from the general progressive development model, but the result of the compulsory institutional changes led by the government. The original intention of the establishment is to mobilize social funds to the maximum extent. To support the rapid economic development in the early stages of reform and opening up in China, especially in order to support the reform of the shareholding system of state-owned enterprises, The government's preference for state-owned enterprises is also transferred to the securities market because of the special market origination of our country, in which the more prominent form is the subsidy to the state-owned holding listed companies. As an effective part of intervening in the securities market, the government subsidy has obvious effect, but at present, the government subsidies to the state-owned holding listed companies are various in name and wide in coverage. The influence of government subsidies on the fate of listed companies is becoming more and more significant in the stock market, which to some extent urges the state-owned holding listed companies to take advantage of their own soft budget constraints. Even under the pretext of taking on a certain policy task of the country, it regards obtaining government subsidy funds as a shortcut to make up for its poor operation, while neglecting the goal that as a listed company should improve its management level and pursue the goal of maximizing profits. Under the background of various government subsidies, it is urgent for us to explore how to regulate the behavior of state-owned holding listed companies in the market. Taking Jingfang Science and Technology Group Co., Ltd, a typical representative of the state-owned holding listed company in the securities market, as an example, and taking the government's huge subsidy to the state-owned holding listed company as the background, this paper expounds the current situation of the securities market in our country. All kinds of non-standard behaviors of state-owned holding listed companies, which not only restrict the development of the company, but also restrict the development of the company itself. It also has a negative impact on the development of the securities market. Due to the numerous and complicated relations between the state-owned holding listed companies and the government, the non-standard behavior of the state-owned holding listed companies in the market is not only due to their own behavior deviations. At the same time, the loopholes in the relevant institutions of the securities market provide institutional convenience for the dissimilation of state-owned holding listed companies and the government. The unsoundness of the legal system and the supervision system is also one of the important reasons. Finally, aiming at the problems raised and the causes of the problems, how to rationally position the role of the state-owned holding listed companies and perfect the securities market system, A sound legal and regulatory system and the regulation of government behavior and other aspects put forward some suggestions for improvement.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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本文編號：1568558