The Enterprise Value Comparison Between State-owned Monopolies Resources Industry And Competitive Consumer Industries

Along with the high speed of china's economy and the planned economy changing to market economy gradually,some deep contradiction is becoming to highlight.For example,the industrial organization spliting up,the industrial development not balanced and the industrial structure unreasonable .these problems reflect the enormous difference between the upstream industry standed by the reasource industry and the downstream industry which is standed for the expense industry .there are difference between corporation profit,scale and value for the corporations in the reasource and consuming industries .The article selects four industry of the coal petroleum,the supply of air or gas,non-ferrous metan and the steel iron represents the state-owned monopoly reasource industry.The downstream expense industry has mainly selected the computer electronic information ,electrical equipment,spinning and weaving,which are closely linked with our life industry .The article is based on constructing a model about ownership structure, market structure and enterprise value.Then I select variables which can describe ownership structure and corporate performance efficiently and make use of linearity regression and curve regression to carry through empirical research .There are four results by the research .First ,the two poles of monopoly and competition exist side by side in our country;Second,the state-owned enterprise is becoming to focus on resources industry .Three,the enterprise value of the resources industry increase rapidly and surpasses the expense industry for 10 years .Last,there are reverse u-type curve between the stockholder's rights and enterprise value.but the stockholder's structure of the resource industry surpasses the superior stockholder's rights sector ,and the stockholder's rights structure of the expense industry is lower than the most superior enterprise value sector .in the same time,Market structure exists negative effect on enterprise valueTherefore, on the one hand, government should reduce the monopoly of resources industry and introduce the competitive system; on the other hand, government should strengthen supervision to consume industry and increase its centralism degree and make sure that the market is turning from the two-pole coexisting pattern to the monopoly competitive market structure and provide the best industrial organization form for the technological innovation...