| In the era of high quality development,structural reforms on the supply side with efficiency as an internal core put forward higher goals and requirements for the operation of state-owned capital.State-owned enterprises as an important carrier of state-owned capital,enhancing their ability and level of value creation is the inevitable choices to effectively improve the efficiency of the allocation of state-owned capital,mitigating the weak force of state-owned capital operation serving supply-side structural reform,and promoting the development of supply-side structural reforms.It is of great significance for the development of the national economy towards high-quality development.The state-owned capital operating budget system is an important practical innovation in the reform of the state-owned asset management system.Its implementation aims at through the implementation of the budget,playing a governance role of standardizing and implementing the powers and responsibilities of all parties,and strengthening the incentive-constraint management and control mechanism,and finally realizing the expected policy objectives of improving the efficiency of the allocation of state-owned capital.It has a profound impact on the reform of state-owned assets and state-owned enterprises in China.Since the implementation of the system at the central government level in 2007,it has expanded the scope of the budget four times in 2011,2012,2014,and 2016.In both 2011 and 2014,it has gradually increased the proportion of state-owned capital operating income in 2011 and 2014.The upper limit of the proportion has been raised from 10%to 25%.The income collection and management system has gradually become more standardized,the budgetary expenditure responsibilities and efficiency have been continuously strengthened,the budget performance management mechanism has been continuously improved,and the budget auditing and supervision work has been gradually advanced.After 10 years of exploration and practice,thesystem has gradually improved to become a framework system.In recent years,studies on the effects of institutional practices have emerged,and both the normative and empirical forms have been involved.However,the conclusions of the study are inconclusive.Two main viewpoints are formed.One view supports the "system effective theory" and believes that the implementation of the state-owned capital operating budget system has indeed exerted its budgetary control effect,eased the problem of low efficiency of state-owned enterprises,and helped to optimize the allocation of state-owned capital;another view advocates a more cautious attitude.Under the premise of affirming the effectiveness of the system to a certain extent,it is conceived that the current budgetimplementation environment is flawed and the budget practice is insufficient,which constitutes a realistic constraint on the expected effect of state-owned capital preservation and appreciation of the state-owned budget system,and inhibits the full utilization of the system's utility.This paper adopts a combination of empirical and normative research methods.Based on the overall inspectionof the gradual reform practice of thestate-owned capital operating budget system over the past 10 years,considering the factors of research relevance and data availability,starting from the perspective of budgetary income,and using the increase in the ratio of income paid in stages as the logical main line of empirical analysis,using this rare quasi-natural experimental conditions,we selected the 2004-2016 data of the listed A-share listed companies of the central SOEs that are included in the scope of budget implementation and the private A-share listed companies that are not affected by the budget system as the initial sample.Using the propensity score matching method,through the DID regression analysis of the three phases of 2004-2009,2010-2013,and 2013-2016,empirically testing the causal effect(2004-2009)and dynamic effect of the state-owned capital operating budget system on value creation of state-owned enterprises(2010-2013 and 2013-2016),and further explore the differences in the impact of industrial competitive factors on the value creation of state-owned enterprises implemented by the state-owned capital operating budget.Through the analysis of empirical results,the conclusions of this paper are drawn,and on this basis,suggestions for improving the state-owned capitaloperating budget system are proposed.According to the research theme,the research content of this paper mainly consists of the following six parts:The first part is introduction.It mainly introduces the background and research value of the topic,and proposes the research content and methods of this paper.It also expounds the innovations and deficiencies of this paper and designs the technical roadmap for this paper.The second part is literature review.The research results of state-owned capital operating budget system,industry competition,and corporate value creation at home and abroad are combed,and the literature is reviewed and the research perspectives of this paper are proposed.In the third part,concept definition,theoretical basis and hypothesis are proposed.First,define the main concepts involved in this paper,including state-owned capital operating budget system,industry competition,and corporate value creation.Second,through the budget management theory,property rights theory,principal-agent theory,free cash flow theory,financial constraints theory,product market competition theory,etc.,analyze the relationship between state-owned capital operating budget system,industry competition and corporate value creation,and put forward the research hypothesis of this paper.The fourth part is empirical research design.This article uses the listed companies controlled by state-owned companies that have been included in the scope of State-owned capital operating budgeting from 2004 to 2016 as the main research object.The research data of this paper is mainly fromCSMAR database.The fifth part is the empirical results and analysis.First,PSM and matching balance test;Second,descriptive statistical analysis of variables involved in empirical research,and correlation analysis;Finally,the empirical test of the implementation of state-owned capital operating budget system on the value creation of state-owned enterprises.On this basis,the sample is divided according to the degree of industry competition,and the effect of budget system implementation on the value creation of state-owned enterprises under different levels of industry competition is analyzed.The sixth part is the research conclusion and prospect.According to the empirical results of the fifth part,the main conclusions of this paper are drawn,and related policy recommendations are proposed.The study concluded that:(1)The implementation of the state-owned capital operating budget system has indeed promoted the value creation of state-owned enterprises(central enterprises);(2)After considering the factors of industry competition,the implementation of state-owned capital operating budgetsystem has a more significant role in promoting the value creation of state-owned enterprises in low-competitive industries;(3)In a special post-crisis period,the steady advancement of the state-owned capital operating budget failed to effectively promote the value creation of state-owned enterprises.Instead,it has a deterrent effect,and this inhibitory effect on state-owned enterprises in high-competitive industries where bankruptcy pressure is more severe and funding needs are more pressing are more serious;As the haze of the financial crisis gradually dissipated,state-owned enterprises gradually emerged from the low period of development,the expected goal of the state-owned capital operating budget to be improved again was realized,the promotion effect on the value creation of state-owned enterprises was significant,and it was even more pronounced in the state-owned enterprises with low competition;The phased PSM-DID regression analysis using the implementation of the system and progressive improvement as the starting point also validates the correctness and rationality of the ten-year capital operating budget reform practice.According to the research conclusions,this paper puts forward the following suggestions for improvement of the state-owned capital operating budget system:(1)Optimize and improve the state-owned capital operating budget system to boost state-owned enterprises to create more value;(2)The state-owned capital operating budget should fully consider the factors of industry competition,and achieve deep integration with the classification reform of state-owned enterprises;(3)Promote the state-owned capital operating budget system in depth and consolidate the practical foundation for the reform of state-owned enterprises' mixed ownership system. |
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