关于证券市场推动国企改革发展实证研究

【作者】 陈建青；

【导师】 贾明德；

【作者基本信息】 西北大学 ， 政治经济学， 2005， 博士

【摘要】 本文力图从不同的经济发展阶段由要素禀赋结构及其组合结构所决定的企业成长特性对资本结构有不同的要求出发,多视角地研究我国证券市场对促进国有企业改革与发展的作用。基本观点和逻辑结构是: 本文首先对企业资本结构理论的渊源及资本市场对企业资本结构和成长的影响进行理论总结和评述。在资本结构理论中,债权和股权不仅被看成是不同的融资工具,而且应当被认为代表不同的公司治理结构。合理的搭配和选择融资结构可以有效地抑制经理人员的职务消费、过度投资和信息不透明等不利于企业发展的因素,同时还可以为最终实现公司利益、价值最大化提供一个有利保障。 其次,系统地阐述证券市场的功能。在我国向现代市场经济转变的过程中,证券市场呈现出多种功能,大体上可以分为基本功能、扩展功能和特殊功能三类,这些功能是密切地联系在一起的。由于一系列机制上的缺陷和其他方面的问题,我国证券市场从诞生那天起,其功能就存在着严重的扭曲,导致证券市场被当作单纯的融资工具,单一地承担着为国有企业改制、脱困服务的重任。融资功能被进一步扭曲为圈钱、解困,通过股市转换控制权、实现企业重组、优化配置资源的功能被削弱,也为证券市场的进一步发展埋下了隐患。用历史的观点来分析,这种功能的扭曲或制度缺陷,也恰恰反映了我国证券市场发展过程中的特殊性。 再次,实证分析国有企业资本来源及其变化。自改革开放以来,国有企业的资本来源变化和构成交迁大致上可以划分为四个阶段,每个阶段显示出不同的特点。接着揭示我国国有企业资本结构存在的主要问题及其成因:普遍存在负债率高、资本金不足;缺乏长期资本来源;缺乏自有资金,过多依赖外部资金。然后总结发展证券市场对国有企业改革和发展的意义。认为证券市场不仅对于解决国有企业资本金不足、负债率高、缺乏长期资本来源等问题具有十分重要的战略意义,而且对国有资产战略性重组、国有更多还原

【Abstract】 Based on the fact that the characteristics of enterprise development, which is determined by the original structure and combination structure of requisite resources, will propose different requirements to the capital structure at different stages of economic development, the thesis attempts to study the function of Chinese stock market on facilitating the reformation and development of state-owned enterprises from a variety of perspectives. The basic ideas of the thesis run as follows:The thesis first reviews the origin of the theory of enterprise capital structure and the impact of capital market on the capital structure and its development According to the capital structure theory, creditor’s and stock rights are regarded as not only the different financing means but also the representation of different enterprise managing structure. A rational coordination and selection of financing structure can restrain the negative factors for the enterprise development, such as incumbency consumption of managers, over-investment and unshared information, and at the same time it can make a sound guarantee for the ultimate and mightiest benefit of enterprises.Then, the thesis systematically elaborates the function of stock market. In the process of shifting to modern market economy, stock market takes on many new functions. Roughly, these closely-related functions can be categorized as basic functions, extended functions and special functions. Due to a series of mechanism defects and other problems, Chinese stock market was born with badly distorted functions, which in turn leads to the misuse of stock market as a means to finance money and the problem that the stock market singly takes on the responsibility for the reformation of the current system of state-owned enterprises and pulling them out of predicament What makes it even worse is that the financing function is distorted as a means to gather money in order to go through the current plight, and other functions such as changing the controller through stock market, reforming the enterprise and optimizing the resources are weakened, which undermines the further development of stock market From the diachronic viewpoint, the distortion of function or the drawbacks of the system well reflects the specialty of the development of Chinesestock market.Next, the thesis explains the capital sources and the development of certain state-owned enterprise with some examples. Since the opening-up reform, the change of capital sources and constitutes of state-owned enterprises can roughly be divide into four phases with unique features for every phase. Then it probes the major problems in the capital structure of Chinese state-owned enterprises and analyzes the reason: high liability rate and short of capital; lack of long-termed capital sources; shortage of self-owned capital and relatively high reliance on outer capital. Also, it summarizes the significance of stock market development to the reformation and development of state-owned enterprises. The thesis holds that stock market not only plays a key role in dealing with such problems as short of capital, high liability rate and lack of long-termed capital sources but also has an essential function on the recombination of state-owned capital, the property right reformation of state-owned enterprises, the perfection of management system of state-owned enterprises as well as the encouragement and regulations to the enterprise operators.Also, the thesis discusses the impact of stock market on the reformation of property rights of state-owned enterprises. After depicting the germination, of stock market and the reformation of state-owned enterprises, the thesis puts emphasis on the influence of rapid development of stock market on the reformation of property rights of state-owned enterprises. Analysis shows that many factors restrict the full exertion of the functions of stock market and the transformation of the marketization of property relations in state-owned enterprises through stock market. These factors include the favor that government shows to the market admittance, flaws and inefficiency in conduct of the state-owned stock rights and exchange system and the traditional managing system in state-controlled listed companies.The thesis also analyzes the liability problems of state-owned enterprises in the stock market. It points out the system origin for the liability formation of listed companies. One is the overwhelmed state-owned shares and the liability risk caused by the loss of control over company management. The other is the deficiency in the listed state-owned enterprises after system reformation and new liabilities caused bylarge amounts of unfair affiliated exchanges. The thesis states the major means for the liability recombination and also makes short comments and analyses. The system restriction analysis of the liability management of listed state-owned enterprises will facilitate the system innovation of assets liabilities recombination of listed companies. And finally, the thesis states the active function of stock market from the viewpoint of accelerating the reformation and development of state-owned enterprises. It put emphasis on stimulating the transformation of the structures of the enterprise property rights and management system through the function of tock market Besides, it discusses the aim of stock market development and puts forward some feasible measures. The measures run as follows: go on picking out some large-sized state-owned enterprises which are important to the national economy and with good plasticity and ability in competition, and encourage them to be listed companies step by step within a limited period. In this way, thorough transformation in the system and the mechanism of enterprises can hopefully be exercised with new capital support; encourage preeminent listed companies to have a variety of assets re-organization, pull the most outstanding assets or companies to be listed companies through the way of rationed shares or other ways and support the capital operation of listed companies; settle the allocation of stock right appropriately, pave the way for the circulation of state-owned shares and corporate shares, and clear up sequela of stock market as soon as possible; rebuild the relationship between enterprise and bank in the development of stock market; cultivate and develop institutional investors; reorganize and perfect existing non-bank financing institutions and exploit the investment bank business; gradually lead the social security capital to the stock market together with the reformation of social security system. The government should carry out new rules for the market regulation, set the new management and exchange system of state-owned stock rights according to more flexible and feasible economical rules.更多还原