The State-Owned Capital Management Budget?Operating Cash Flow Management And Economic Value Added

From germination to development and establishment of the state-owned capital management budget system,it has been a long process.Since from September 82007,the State Council issued the "State Council on the pilot state capital budget",after many years' exploration and summary,the frame of the state-owned capital management budget system has been basically established and it has been implemented widely in China.However,its implementation effect is questioned.In recent years,many scholars analyze the effectiveness of the state-owned capital management budget system by employing normative or empirical research.But,the research results are different.On one hand,some scholars believe that the goal of the state-owned capital management budget is to maintain and increase the value of state-owned capital,it can indeed play a role in promoting the performance of the central enterprises and improving the efficiency of capital allocation;On the other hand,some scholars hold that the effect of the state-owned capital management budget system is limited,because of the implementation problems and imperfection of relevant mechanism.After the State Council promulgated the "Detailed Implementation Rules for the Central Enterprise Comprehensive Performance Evaluation" in 2006,the Economic Value Added(EVA)was clearly identified as one of the basic indicators of the annual operating performance assessment,which also provided a new measure of the effectiveness of the state-owned capital operating budget system.At the same time,there are many studies on the implementation effect of the state-owned capital operating budget system,but few scholars discuss its impact path.This paper elaborates the theoretical foundation of the working capital management as an impact path,and examines the intervening effects.Finally,using the propensity score matching method to match the listed companies of the central SOEs with the listed companies of private enterprises,the robustness of the research results was tested,and the further classification and regression of the competitive and non-competitive categories of the listed companies of the central SOEs were eliminated and the industry was excluded to limit the impact of differences.This article takes the Shanghai-Shenzhen A-share listed company from 2004 to 2015 as a sample,adopts an empirical test method,and examines the economic increase in the implementation of the state-owned capital operating budget system,the actual control of human-made SASAC,and the state-owned sole-The impact of value,and examined the mediating effects of working capital management performance.The "Interim Measures for the Collection of State-owned Capital Revenues of Central SOEs" stipulates that the listed companies controlled by the central SOEs be indirectly included in the state-owned capital operating budget,and that the wholly state-owned enterprises regulated by the implementation scope of the state-owned capital operating budget system are mostly group companies whose core assets are Are concentrated in the holding of listed companies,so this article selects a listed company controlled by the central SOE as a research sample and has certain representation.According to the research content,the structure of this paper is divided into the following sections:Chapter ? is introduction,which introduces the background and research value of the paper,raise research ideas and methods,defines the main concepts of this article,and outlines the technology road-map in this part.Chapter ? is literature review,which includes foreign capital budget management,operating cash flow management,and economic value added,then put forward the research points of this paper.Chapter ? is the theoretical basis and assumptions,which analyzes some basic theories,such as the budget management theory and principal-agent theory.Then,put forward hypothesis on the basis of this.Chapter ? is empirical study design.This article selected 2004-2015 Shanghai and Shenzhen central enterprises to control A-share listed companies as research subjects.The research data of this article mainly come from the Guotaian database,the Wind database,and the working capital management database of Chinese listed companies.Chapter ? is the empirical results and analysis.First of all,descriptive statistics are made on the relevant parameters.Based on this,the impact of the implementation of the state-owned capital operating budget system on the economic value-added of the listed companies controlled by the central SOEs is empirically analyzed,and the mediating effects of the management of the working capital are examined.In addition,this paper selects the propensity score matching method as a robustness test to verify the regression analysis results.At the same time,in order to exclude the impact of industry-to-industry differences,it is grouped according to the level of industry competition and returns to the competition and non-competitiveness of the listed companies of the central SOEs.The main hypothesis of this paper is further tested.Chapter VI is the conclusion and prospect.In this part,conclusions are made according to the results of the empirical conclusions,and relative policy advises are put forward on the basis of research conclusions.The following conclusions are found in this paper.(1)The implementation of the state-owned capital operating budget system has increased the economic value added;(2)Working capital management In the process of implementing the state-owned capital operating budget system,there is a mediating effect on the increase of economic value added.