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A Research Between The Mixed Ownership Reform Of State-Owned Enterprises And Enterprise Vitality

Posted on:2017-02-10Degree:MasterType:Thesis
Country:ChinaCandidate:Y M JinFull Text:PDF
GTID:2309330482973058Subject:Accounting
Abstract/Summary:PDF Full Text Request
The reform of state-owned enterprises is the key content of the economic system reform in China, which has been concerned by the theory and practice. The Third Plenary Session of the party’s eighteen promulgated decision of the CPC Central Committee on major issues concerning comprehensively deepening reform, opening a new era of deepening the reform of state-owned enterprises. The paper stressed that the state-owned enterprises should be carried out in a variety of forms of mixed ownership reform will be the direction of its development, which makes the mixed ownership reform of state-owned enterprises become a hot topic. In fact, as early as in the report of the 15 th National Congress of the CPC in 1997 proposed the concept of mixed ownership, and property rights reform in the reform of state-owned enterprises in our country has always been the central part of it. However, the reform has not been achieved, "less money more people rigid mechanism" and a series of contradictions still exist. The purpose of the reform of the state-owned enterprises is to enhance the endogenous power and vitality of its development, and whether mixed ownership reform can effectively improve the vitality of enterprises? At present, the theory and practice of this focus less attention. There are many literatures from the perspective of enterprise performance to study the effect of mixed ownership reform of state-owned enterprises, not to extend to the level of enterprise vitality. This paper argues that, compared to the enterprise performance, enterprise vitality as a dynamic comprehensive evaluation of the effect of mixed ownership reform of state-owned enterprises is more appropriate. However, at present, the research on the dynamic of the enterprise is mainly from the connotation, the index evaluation system and other aspects of normative research, and empirical research is scarce. Based on this, this paper tries to construct a systemic exercisable enterprise vitality index evaluation system to evaluate and empirical test the enterprise vitality of mixed ownership reform of state owned enterprises. This is not only provide policy decision basis for the mixed ownership reform of state-owned enterprises in China on the practical level but also enrich the research perspective and content of the reform of state-owned enterprises and enterprise vitality on the theoretical level.The theoretical part of this paper firstly sorts out the changes of mixed ownership reform of state owned enterprises in China and the impact of the relevant policies on the vitality of the enterprise. It finds that the mixed ownership reform of state-owned enterprises follows the transition path of "partial state stage- joint management development stage- business development stage" four stages and comes out the overall conclusion that mixed ownership reform of state-owned enterprises can promote the improvement of enterprise vitality from the perspective of historical evolution. Secondly, it analyzes the influence factors and financial essence of enterprise vitality, and constructs a set of system’s operational strong enterprise energy index evaluation system for enterprise dynamic evaluation and empirical research based on financial perspective. Finally, based on the property rights theory and public choice theory, analyzes the relationship between mixed ownership reform of state-owned enterprises and enterprise vitality, and uses the "structure behavior performance" framework(SCP framework), to construct the "property right structure- enterprise behavior- enterprise dynamic" theoretical analysis framework, and combines with the dynamic factors, further analyzing of the concrete manifestation of the influence of the mixed ownership reform of the state-owned enterprises on the vitality of enterprises. The empirical part of this paper is based on the A shares of the listing Corporation in Shanghai and Shenzhen Stock Exchange from 2003 to 2014.The dual difference method(DID) is used to examine the impact of mixed ownership reform of state-owned enterprises on the vitality of enterprises and to further examine the impact on the enterprise vitality of mixed ownership reform of state-owned enterprises from the differences in the degree of non-state-owned concentration. Among them, The value of enterprise vitality are made up by the method of principal component analysis which constructs the comprehensive evaluation system with 21 indexes selected for the enterprise dynamic index evaluation system. Research findings:(1) the mixed ownership reform of state-owned enterprises has significantly improved the enterprise vitality;(2) in the degree of non-state-owned ownership concentration,the enterprise vitality of the mixed ownership reform of state-owned enterprises was U type distribution. Specifically, the positive impact of the mixed ownership reform of state-owned enterprises on the vitality of the enterprise mainly occurs in the proportion of the largest non state-owned shareholders between 40%-70% companies, and the proportion of the largest non state-owned shareholders too much or too little is not conducive to improve the vitality of the enterprise.According to theoretical and empirical research, this paper puts forward two aspects of the government and state-owned enterprises to promote the implementation of mixed ownership reform of state-owned enterprises and improve the vitality of enterprises. This conclusion will contribute to further understanding the relationship between the mixed ownership reform of state-owned enterprises and enterprise vitality, and to speed up the process of mixed ownership reform of state-owned enterprises...
Keywords/Search Tags:The reform of the state-owned enterprises, The mixed ownership, The vitality of the enterprise, The degree of non-state-owned ownership concentration
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