中国联通混合所有制改革的实施效果

【作者】 李春阳；

【导师】 宋淑琴；

【作者基本信息】 东北财经大学 ， 会计（专业学位）， 2020， 硕士

【副题名】与中国移动的对比分析

【摘要】 国有企业自从改革开放经历了迅猛的发展,到现在开始暴露出诸如运营效率低、违法违纪问题频发、经营前景黯淡等诸多问题。在此情况下,国企改革成为中国经济体制改革中较为核心和关键的环节。通过改革为国企注入多渠道的庞大资金的同时可以实现国有资本和民营资本的优势互补,提高国有企业的综合竞争力。2016年,我国国家发展和改革委员会公布了首批混合所有制改革的央企试点,位列其中的中国联通于2017年8月,在引入BATJ(百度、阿里巴巴、腾讯和京东)和中国人寿之后,成为完成混合所有制改革的第一家央企,被誉为“央企混改第一股”,其“定向增发+股权转让+股权激励”的混改模式对国企混合所有制改革提供了可供借鉴的思路和方法参照。因此,本文以中国联通作为案例公司,介绍其混合所有制改革实施方案和历程的基础上分析了其在公司治理、经营模式和财务绩效上的变动情况,并以其与中国移动的业绩对比分析来衡量其实施效果,从而为国有企业成功实施混合所有制改革提供经验证据。本文的研究框架分为六部分,具体内容如下:第一部分为绪论,主要体现本文的整体思路,包括研究背景、研究意义、研究现状、研究内容、研究方法和创新点;第二部分为基础理论,主要包括混合所有制改革概念界定、混合所有制改革实施效果的界定以及现代产权理论、利益相关者理论、委托代理理论和激励理论等与混合所有制改革相关的理论基础;第三部分为案例选择与简介,主要介绍了中国联通的基本情况、混改方案、混改历程以及选择中国联通案例的典型性和与中国移动的案例可比性;第四部分主要从国家政策、公司治理和市场竞争力三个方面分析中国联通进行混合所有制改革的动因;第五部分从公司治理、经营模式和财务绩效三个方面分析中国联通混合所有制改革的实施效果,其中,公司治理主要从股权结构、员工结构和激励机制的建立和优化三个方面分析,经营模式主要从技术、销售思维和盈利模式三个方面分析,财务绩效除采用传统四能力指标和杜邦分析外,考虑到中国联通央企的属性,增加了 EVA指标的对比分析;第六部分为得出结论以及提出国有企业通过混合所有制改革提升业绩的建议。本文的创新点在于:第一,本文基于中国联通的央企属性不仅分析了传统四能力指标的变动情况,还结合了 EVA业绩评价分析,更具有参考价值;第二,在计算EVA时根据资本资产定价模型确认权益资本成本,相较于现存的EVA的计算方法中对于权益资本成本的计算更符合企业自身情况;第三,在案例选择上,中国联通于2017年8月完成混合所有制改革,案例新颖,对其混改实施效果研究较少。本文的不足之处在于:由于可比公司中国移动在香港上市,在计算EVA时的税后净营业利润时调整项数据无法获取,为了实现数据的可比性,两个公司均使用净利润作为税后净经营利润。更多还原

【Abstract】 Since the reform and opening up,the state-owned enterprises have been developing rapidly.Until now,many problems such as low operating efficiency,frequent violations of laws and disciplines,and bleak business prospects have been exposed.In this case,the reform of state-owned enterprises has become the core and key link in China’s economic system reform.Through the reform,the state-owned and private capital can be complemented and the comprehensive competitiveness of state-owned enterprises can be improved.In 2016,China National Development and Reform Commission announced the first batch of pilot projects of mixed ownership reform for central enterprises.China Unicom,one of them,became the first central enterprise to complete the mixed ownership reform after the introduction of BATJ(Baidu,Alibba,Tencent and Jingdong)and China Life Insurance in August 2017.It is known as the "first share of mixed ownership reform for central enterprises" and its "Private placement+Share transfer+Equity incentive " provides a reference for the mixed ownership reform of state-owned enterprises.Therefore,this thesis takes China Unicom as a case company,introduces its implementation plan and process of mixed ownership reform,analyzes its changes in corporate governance,business model and financial performance,and measures its implementation effect by comparing its performance with that of China Mobile,so as to provide empirical evidence for the successful implementation of mixed ownership reform for state-owned enterprises.The specific research content of this thesis is divided into six parts,as follows:The first part is the introduction,which mainly reflects the overall thinking of this paper,including research background,research significance,research status,research content,research methods and innovation points;The second part is the basic theory,mainly including the definition of the concept of mixed ownership reform,the definition of the implementation effect of mixed ownership reform,and the theoretical basis related to mixed ownership reform,such as modern property rights theory,stakeholder theory,principal-agent theory and incentive theory;The third part is the case selection and brief introduction,which mainly introduces the basic situation of China Unicom,the mixed reform scheme,the mixed reform process,the typical cases of China Unicom and the case comparability with China Mobile;The fourth part mainly analyzes the motivation of China Unicom’s mixed ownership reform from three aspects:national policy,corporate governance and market competitiveness;The fifth part analyzes the implementation effect of China Unicom’s mixed ownership reform from three aspects:corporate governance,business model and financial performance.Among them,corporate governance is mainly analyzed from three aspects:equity structure,employee structure and the establishment and optimization of incentive mechanism.Business model is mainly analyzed from three aspects:technology,sales thinking and profit model.Besides traditional four functions,financial performance is analyzed In addition to the strength index analysis,considering the attributes of central enterprises of China Unicom,the comparative analysis of EVA index is added;The sixth part is to draw a conclusion and put forward some suggestions to improve the performance of state-owned enterprises through the reform of mixed ownership.The innovation of this thesis is as follows:first,based on the attributes of China Unicom’s central enterprises,this thesis not only analyzes the changes of the traditional four capability indexes,but also combines the EVA performance evaluation analysis,which is more valuable for reference;second,when calculating EVA,the equity capital cost is confirmed according to the capital asset pricing model,which is more consistent with the enterprise’s own situation compared with the existing calculation method of EVA;thirdly,in case selection,China Unicom in August 2017 The mixed ownership reform was completed in May,with novel cases and less research on its implementation effect.The disadvantage of this thesis is:because the comparable company China Mobile is listed in Hong Kong,the adjustment item data cannot be obtained when calculating the after tax net operating profit of EVA.In order to achieve the comparability of the data,both companies use the net profit as the after tax net operating profit.更多还原