本文選題：混合所有制 + 國有企業(yè)��； 參考：《山東師范大學》2017年碩士論文

【摘要】：隨著經(jīng)濟的發(fā)展,提高我國國有企業(yè)治理效果最重要的途徑之一就是進行混合所有制改革,提高股權(quán)結(jié)構(gòu)的混合程度。十八屆三中全會上一致討論通過了深化國有企業(yè)改革的決定,確立了國有企業(yè)改革的途徑和方式,即實現(xiàn)交叉持股,實行混合所有制改革。混合所有制改革政策的提出為國有企業(yè)完善公司治理開辟了新的道路,提供了新的改革方向和理論研究空間。在政策推動與生存需求的雙重驅(qū)動下,發(fā)展混合所有制經(jīng)濟,引入非國有資本已經(jīng)成為國有企業(yè)改革的方向與目標。然而,不同程度、不同比例的股權(quán)混合對公司的生產(chǎn)、經(jīng)營、管理以及資產(chǎn)收益狀況的影響各有不同,確定一個最適合企業(yè)經(jīng)營治理的股權(quán)混合程度,是我們實行混合所有制改革需要解決的關(guān)鍵問題。本文主要選取了2005年-2015年上海證券交易所上市的處于競爭行業(yè)的國有企業(yè)為樣本,去掉了2004年控股權(quán)不是國有的企業(yè)、關(guān)系國家安危的企業(yè)、金融公司、曾被標注ST的公司以及無法在WIND數(shù)據(jù)庫中獲得相關(guān)信息和數(shù)據(jù)的企業(yè),最終選擇了189個公司的數(shù)據(jù)作為樣本,共包括2079個樣本觀測值。通過實證研究證明以下三個結(jié)論:(1)基于混合強度來看,與單一所有制公司相比,基于混合強度來看,與單一所有制公司相比,主要股東多元性,即不同性質(zhì)的股東數(shù)量、混合股權(quán)的性質(zhì)類比越多,越能促進公司治理透明化,改善市場對上市公司的長期評價,從而增強市場對上市公司長期盈利能力的信心;(2)從混合比例來看,非國有股東混合比例與公司治理效果呈現(xiàn)顯著的倒“U”型關(guān)系,且非國有股東混合比例處于30%-40%時,治理績效表現(xiàn)最佳,證實了“最佳混合比例效應(yīng)”的存在;(3)從混合類型來看,國有企業(yè)混合所有制改革的過程中,更多的融入外資資本比融入民營資本對公司治理效果更有益,同時,這也論證了“外資混合優(yōu)先效應(yīng)”的存在。
[Abstract]:With the development of the economy, one of the most important ways to improve the effect of state-owned enterprises in China is to carry out the reform of mixed ownership and to improve the mixing degree of the ownership structure. In the third Plenary Session of the 18th CPC Central Committee, the decision of deepening the reform of the state-owned enterprises was discussed, and the ways and means of the reform of the state-owned enterprises were established, that is to realize the cross shareholding, The reform policy of mixed ownership has opened up a new way for state-owned enterprises to improve corporate governance and provides a new direction for reform and theoretical research. Under the dual drive of policy promotion and survival demand, the development of mixed ownership economy and the introduction of non-state-owned capital have become the reform of state-owned enterprises. However, the impact of the mixed ownership mix on the production, management, management and asset returns of the company is different in varying degrees. It is the key problem that we need to solve in the implementation of the mixed ownership reform. This paper mainly selects the 2005 -2015. In 2004, the Shanghai Stock Exchange listed the state-owned enterprises in the competition industry as a sample, removing the state-owned enterprises in 2004, the state security enterprises, financial companies, companies that had been labeled as ST and enterprises that were unable to obtain relevant information and data in the WIND database, and finally selected the data of 189 companies. Samples, including 2079 samples, prove that the following three conclusions: (1) based on the mixed intensity, compared with a single ownership company, compared with a single ownership company, the number of main shareholders, the number of shareholders of different nature, the more the nature of the mixed equity, the more the promotion of the public, compared with the single ownership company. The company is transparent and improves the long-term evaluation of the market to listed companies, thus enhancing the market's confidence in the long-term profitability of the listed companies. (2) from a mixed proportion, the mixed proportion of non state-owned shareholders has a significant "U" relationship with the effect of corporate governance, and when the proportion of non country shareholders is in the 30%-40%, the performance of governance is the most. Well, it confirms the existence of "the best mixed proportion effect"; (3) from the mixed type, in the process of the mixed ownership reform of the state-owned enterprises, more foreign capital into the foreign capital than the private capital is more beneficial to the effect of the corporate governance. At the same time, this also demonstrates the existence of "the preferential effect of foreign investment".
【學位授予單位】：山東師范大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F276.1;F832.51

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