国有资产证券化与企业价值创造:基于中央企业集团的经验证据被引量：3

Securitization of state-owned assets and enterprise value creation:Based on empirical evidence of central SOEs

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摘要国有资产证券化既是新一轮国资国企改革的核心环节与战略选择,也是完善国资监管、引领产业布局、联动社会资本的重要途径。对2004—2019年央企集团的国有资产证券化率进行测算并研究其价值创造效应。结果表明,受到成本和收益的双重影响,国有资产证券化与企业价值创造呈现出“U型”关系,仅当国有资产证券化率达到一定的阈值(46.5%)才能创造企业价值。机制分析表明,异常关联交易是企业价值创造呈“U型”变动的部分原因。进一步分析发现:首先,央企集团使用IPO方式提高国有资产证券化会对集团内部其他企业产生溢出效应,且这个溢出效应随着国有资产证券化率的提升而增大;其次,国有资产证券化与央企控股上市公司价值也存在“U型”关系;最后,国有资产证券化可与国企分类改革、董事会建设与混合所有制改革产生政策协同效应。 Securitization of state-owned assets is not only the core link and strategic choice of the new round of state-owned assets and state-owned enterprises reform,but also an important way to improve the supervision of state-owned assets,leading the industrial layout and linkage social capital.We measured the securitization rate of state-owned assets of central SOEs from 2004 to 2019 and studied its value creation effect.The results show that there is a U-shaped relationship between the securitization of state-owned assets and the value creation of enterprises due to the dual impact of costs and benefits.Only when the securitization rate of state-owned assets reaches a certain threshold value(46.5%)can the enterprise value be created.Intermediary effect analysis shows that abnormal related-party transactions are part of the reason for the U-shaped change of enterprise value creation.Further analysis shows that the use of IPO by central enterprise groups to improve the securitization of state-owned assets will have a spillover effect on other enterprises within the group,and the spillover effect will increase with the increase of state-owned assets securitization rate.There is also a“U-shaped”relationship between state-owned assets securitization and the value of listed companies controlled by central state-owned enterprises.Finally,the securitization of state-owned assets can produce policy synergies with the classification reform of state-owned enterprises,the construction of the board of directors and the mixed ownership reform.

作者翟慧君毛新述郭鑫 ZHAI Huijun;MAO Xinshu;GUO Xin(School of Accounting,Shanghai Lixin University of Accounting and Finance,Shanghai 201620,China;Business School,Beijing Technology and Business University,Beijing 100048,China)

机构地区上海立信会计金融学院会计学院北京工商大学商学院

出处《中国软科学》 CSSCI CSCD 北大核心 2023年第9期127-141,共15页 China Soft Science

基金国家自然科学基金面上项目“基于股东资源理论的国有企业混合所有制改革研究”(72172009) 北京市属高校教师队伍建设支持计划高水平科研创新团队项目“国资国企改革与发展”(BPHR20220105)。

关键词国有资产证券化价值创造中央企业集团 U型 state-owned assets securitization value creation central SOEs U-shaped relationship

分类号 F812 [经济管理—财政学]

作者简介翟慧君(1995—),女,河南济源人,上海立信会计金融学院会计学院讲师,博士,研究方向为国资国企改革、公司治理。;通信作者:毛新述。