摘要
深化国有企业混合所有制改革是激发国有企业活力的重要途径。本文以实施混合所有制改革的A股国有上市公司为样本,运用事件研究法和多元回归模型,基于上市公司股价和绩效两个视角,综合分析员工持股、引进战略投资者、并购及整体上市等不同混合所有制改革方式对企业效益的影响效果,结果表明:国有上市公司股价明显受到混合所有制改革的积极影响,其中,员工持股对股价的激励作用最强;混合所有制改革整体对国有上市公司绩效产生了一定程度的积极影响,但影响显著性较弱,各种混合所有制改革方式的深度及路径选择有待加强和完善。研究结论对于不同模式的混合所有制改革探索实践具有启发意义。
Deepening the reform of mixed ownership of state-owned enterprises is an important way to stimulate the vitality of state-owned enterprises. In this paper, the implementation of mixed ownership reform of A Based on the two perspectives of stock price and performance of listed companies, this paper comprehensively analyzes the effects of different mixed reform methods, such as employee stock ownership, introduction of strategic investors, merger and acquisition, and overall listing, on enterprise efficiency by using event study method and multiple regression model. The results show that the stock price of state-owned listed companies is obviously positively affected by mixed reform, among which employee stock ownership is the most important The mixed ownership reform has a positive impact on the performance of state-owned listed companies to a certain extent, but the impact is weak. The depth and path selection of various mixed ownership reform methods need to be strengthened and improved. The conclusion of the study is instructive for the exploration and practice of mixed ownership reform in different modes.
出处
《价格理论与实践》
北大核心
2020年第10期131-134,178,共5页
Price:Theory & Practice
关键词
国有企业
混合所有制改革
企业股价
企业绩效
state owned enterprises
mixed ownership reform
enterprise stock price
enterprise performance
