The Transfer Of State Control Rights And The Quality Of Enterprise Assets

In the past 40 years,the implementation of privatization of state-owned enterprises has become a common phenomenon.The most important way to privatization of state-owned enterprises is to change the state holding status of the enterprises,that is,the transfer of state control.This paper use 2003-2015 listed company data,including through the state-owned control right transfer of state-owned enterprises and non state-owned control right transfer experience of state-owned enterprises,using the DID method transfer from the perspective of evaluation of the quality of the enterprise assets of state control effect.The study found that the state-owned control right transfer significantly improve the asset quality of enterprise,for the government to give up control of the motivation of state-owned enterprises,found in the past performance of high enterprises,asset quality improved significantly partly explains the reason called to marry;in smaller companies,asset quality improved significantly reflects the reform of state-owned enterprises "encounter" strategy in effect;monopoly enterprises,asset quality improved significantly that state-owned enterprise reform mixed in monopoly industries open in its effectiveness.Then,according to the way of state control transfer and the different ownership structure after transfer,the state-owned control transfer significantly improved the asset quality of enterprises after the chairman and general manager changed and transferred at the same time.Further,the article found that the state-owned control right transfer is to improve enterprise asset quality by reducing the burden of policy.In addition,from the in-depth analysis of the internal and external governance environment of the transfer of state control rights,the participation of institutional investors and the fierce competition of external products,the transfer of state control rights is more prominent by reducing the asset quality brought by policy burden.Finally,the paper examines the economic consequences of the transfer of state control rights to the asset quality of enterprises.The quality of assets raised by the transfer of state control increases corporate value and bank borrowings.The contribution of this paper is mainly reflected in: First,from the perspective of asset quality,this paper broadens and deepens the related research on transfer of state control right,and provides a new explanation for the effect of transfer of state control right.Secondly,the domestic research on the quality of the enterprise assets has not been fully carried out in this paper,on the basis of existing research,based on the dynamic change of the visual angle of the realistic background of mixed ownership reform in the micro enterprise property rights and ownership structure to study its effect on the quality of the enterprise assets,the reform of state-owned enterprises truly achieves the effect of increasing the value of assets.Finally,this article affirms the importance of the role of institutional investors and the external environment of enterprises.