【作者】 陈露；

【导师】 王霞；

【作者基本信息】 华东师范大学 ， 会计学， 2018， 硕士

【摘要】 在“走出去”战略和“一带一路”倡议的推行中,国资委再三强调以提高企业国际化程度作为中央企业重组的重要目标。但是自2003年正式拉开序幕、历经十数年的中央企业重组是否达到了国资委的目标,目前还没有任何相关实证研究予以分析。中央企业重组历经十数年,数据变得更为丰富,本文借此契机以2003年至2013年中央企业重组案例为研究对象,利用中央企业控股上市公司2001年至2016年相关数据进行深入研究。本文通过研究发现:从国际化程度的绝对指标来看,中央企业重组有助于提升企业海外收入总额,但是海外收入增长势头有所趋缓。从国际化程度的相对指标来看,中央企业重组对企业加快推进国际化进程具有显著的负面影响,即单位资产产出的海外收入以及海外收入占公司总收入的比重在中央企业重组之后显著降低。本文还进一步考察了中央企业重组影响企业国际化程度的作用路径,实证结果表明:同行业的、异地的中央企业重组对公司提升国际化程度具有显著的积极作用;而中央企业重组对主并方国际化程度的提升具有明显的负面影响。最后拓展性分析的结果表明:中央企业重组具有财富效应,即公司股东在中央企业重组之后财富非预期的增加了;同时中央企业重组之后,企业国际化程度越高,企业价值以及企业绩效表现越差。本文的结论在一定程度上表明了国资委推动的中央企业重组由于在协同效应以及市场势力两方面占据优势从而对提升海外收入总额具有显著的积极作用。但是中央企业重组之后因为企业在国内市场上享受到了超额垄断利润而导致国际化动力不足,国际化相对指标有所下降。这可能表明了中央企业重组的成本绝大部分或直接或间接地被国家以及群众所承担,这种重组成本通过各种各样的渠道转变为中央企业的巨额利润,这也显示了中央企业的行为模式依然属于依靠垄断利益最大化企业自身利益,企业与政府的诉求点有所不同。从后两个方面考虑,中央企业重组在某种程度上违背了国资委的初衷。本文的研究有助于从国际化这一新的视角重新审视政府主导下的中央企业重组。更多还原

【Abstract】 In the implementation of the "going out" strategy and the "Belt and Road Initiatives," the SASAC has repeatedly emphasized the importance of improving the degree of internationalization of enterprises as an important goal for the restructuring of central enterprises.However,since the formal kick-off in 2003 and the reorganization of central enterprises after more than a decade have reached the goal of the SASAC,there is no relevant empirical study to analyze it.After more than a decade of restructuring the central enterprises,the data became more abundant.This article took this opportunity to take the case of reorganization of central enterprises from 2003 to 2013 as the research object,and conducted in-depth research using the relevant data of the listed companies controlled by the central enterprises from 2001 to 2016.Through the study,this paper finds that: From the perspective of the absolute degree of internationalization,the reorganization of central enterprises has significantly contributed to the increase of the total overseas income of enterprises,while the growth momentum of overseas income has slowed down.Judging from the relative indicators of the degree of internationalization,the reorganization of central enterprises has a significant negative impact on the acceleration of the internationalization process of enterprises.That is,the overseas income of unit assets output and the proportion of overseas income in the company‘s total revenue are significant after the reorganization of central enterprises.reduce.This article further examines the role of central corporate restructuring in the process of internationalization of enterprises.The empirical results show that the reorganization of central enterprises in the same industry and in different places has a significant positive effect on the degree of internationalization of the company;The degree of internationalization of the party has a significant negative impact.The results of the final expansive analysis show that the reorganization of central enterprises has a wealth effect,that is,the unanticipated increase in wealth of the company’s shareholders after the reorganization of the central enterprises.At the same time,after the restructuring of the central enterprises,the higher the degree of internationalization of the enterprises,the worse the performance of the enterprises.The conclusion of this paper shows to a certain extent that the reorganization of central enterprises promoted by the SASAC has a significant positive effect on increasing the total income from overseas.However,after the reorganization of the central enterprises,the enterprises have enjoyed excessive monopoly profits in the domestic market,resulting in the lack of internationalization momentum,and the relative indicators of internationalization have declined.At the same time,most of the costs of reorganization of central enterprises are directly or indirectly borne by the country and the people.This restructuring costs are transformed into huge profits for central enterprises through various channels.This also shows that the behavior patterns of central enterprises still remain.It depends on the interests of the monopoly to maximize the interests of the enterprise itself.The appeal points of the government and the company are different.Considered from the latter two aspects,the reorganization of the central enterprises violated the original intention of the SASAC to some extent.The research in this article helps to reexamine the reorganization of central enterprises under the guidance of the government from the perspective of internationalization.更多还原