Shanxi State-owned Enterprise Restructuring Is Conducive To Output Value Or Profit?

The reform of state-owned enterprises has been steadily advancing,and ownership reform is still its main content.The “three batches” mentioned in the implementation plan for the reform of state-owned enterprises in Shanxi Province are related to the reform of enterprise ownership.Therefore,it is very important to study how to more effectively evaluate the effect of state-owned enterprise restructuring and explore its mechanism more deeply.significance.Therefore,this paper firstly sorts out the micro-databases of Chinese industrial enterprises,and builds the standardized panel data of Shanxi enterprises.On this basis,using the propensity score matching multiple difference method to empirically test the difference between the state-owned enterprise restructuring and the enterprise output value and profit.The impact and analysis of the time trend of this impact;followed by the exploration of the impact mechanism and further discussion by industry,the study found that:(1)The impact of state-owned enterprise restructuring on the output value of enterprises is unstable,showing the stage characteristics of “promotingsuppressing-promoting-suppressing”,but in the long run,after the financial crisis gradually subsided in 2013,state-owned enterprises The reform will no longer blindly pursue the output value;(2)The impact of state-owned enterprise restructuring on corporate profits can be divided into two stages: before 2005,the reform of state-owned enterprises inhibited the increase of corporate profits;after 2005,the reform of state-owned enterprises had a positive effect on corporate profits.Promotion.(3)From the perspective of the impact mechanism,the promotion of corporate capital deepening,the improvement of capital operation efficiency and the improvement of inventory management capacity after the restructuring of state-owned enterprises are important reasons for improving the output value and profits of enterprises.(4)From the perspective of different industries,for the mining industry and the electric heating gas and water production and supply industries,the restructuring of state-owned enterprises is conducive to the expansion of the output value scale,and also promotes the profit growth of enterprises;but for themanufacturing industry,the restructuring of state-owned enterprises It promoted the expansion of output value,but it had a negative impact on the company's profits.Based on these findings,the author suggests:(1)After the reform of ownership,state-owned enterprises should pay more attention to the improvement of corporate profits,and strive to optimize the economic structure of enterprises,adapt to the new economic environment and situation,and no longer pursue the expansion and scale of output value.The expansion.(2)In order to give full play to the policy effects of ownership reform,it is necessary to do a good job in internal management.Just like the capital deepening,fund management and inventory management,which are mainly discussed in this paper,it can become a further optimization of internal management mode.The direction of the effort.(3)State-owned enterprises in Shanxi Province,after the reform of ownership,focused on brand effects and agglomeration effects while improving their own profits.The government should also support special support policies to protect the development of manufacturing enterprises.(4)Taking the reform of ownership as the focus,introducing strategic investors by means of capital increase and share expansion,amplifying the function of state-owned capital,and simultaneously transforming and optimizing the system of business management,and constantly inspiring state-owned enterprises to have greater vitality.