【作者】 李杨；

【导师】 刘灿雷；

【作者基本信息】 对外经济贸易大学 ， 世界经济， 2020， 硕士

【副题名】来自A股上市公司的经验证据

【摘要】 20世纪90年代,我国已经允许社会资本参与国企改革,经实践证明,对于促进我国生产力的发展而言,混合所有制改革是一种行之有效的方式。2013年,十八届三中全会上,政府再次提倡“要提高发展混合所有制经济的积极性”,在我国,积极发展混合所有制经济能够促使市场资源的有效配置,提高资源利用率,增加社会财富,有着重要的理论和实践意义。本文立足于我国国有企业资产负债率较高的现实背景,结合我国混改现状,以2012-2018年沪深A股上市国有企业为研究样本,对混改前后国企资产负债率的变化进行研究。统计分析发现国企在混改后资产负债率得到显著下降,且随着国企控股比例的下降和机构持股者的增加而进一步增强。基于多元回归分析进一步验证,国有企业在混改后资产负债率得到明显降低。结合我国混改现状,针对性地选取了五个发生混合所有制经济改革的国家进行国际经验借鉴研究。本文研究认为,在今后我国国企的混改中,可以通过放宽非公资本的准入条件、设置合理的控股方式、合理引入机构投资者的方式,以实现混改降低国企资产负债率的目的。更多还原

【Abstract】 In the 1990 s,China has allowed social capital to participate in the reform of state-owned enterprises.The practice has proved that the reform of mixed ownership is an effective way to promote the development of China’s productive forces.In 2013,at the Third Plenary Session of the 18 th Central Committee of the Communist Party of China,the government once again called for “increasing the enthusiasm for developing the mixed ownership economy.”In China,the active development of the mixed ownership economy can promote the effective allocation of market resources and improve the utilization rate of resources,to increase social wealth is of great theoretical and practical significance.Based on the realistic background of high asset-liability ratio of state-owned enterprises in China and the status quo of mixed reform in China,this paper takes the state-owned enterprises listed in Shanghai and Shenzhen A shares in 2012-2018 as the sample to study the change of asset-liability ratio of state-owned enterprises before and after mixed reform.Statistical analysis shows that the ratio of assets and liabilities of state-owned enterprises(soes)decreased significantly after the reform,and further strengthened with the decrease of the proportion of state-owned enterprises holding shares and the increase of institutional shareholders.Based on the multiple regression analysis,the ratio of assets and liabilities of the state-owned enterprises has been reduced obviously.According to the status quo of mixed ownership reform in China,five countries with mixed ownership reform were selected to study the international experience.This paper holds that in the future of the reform of state-owned enterprises in China,we can relax the access conditions of non-public capital,set up a reasonable way of holding shares,and introduce institutional investors,in order to achieve the aim of reducing the ratio of assets and liabilities of state-owned enterprises.更多还原