摘要
本文在对战略投资者引进对企业绩效影响及评价理论回顾的基础上,结合国有企业的实际状况,设计了一套能够客观评价引进国际战略投资者带来国有企业绩效改善情况的评价指标体系,并利用来自湖南、湖北、广西、广东四个中部、西部和东部典型省份的138家引进国际战略投资者的国有企业的调研数据,对国际战略投资者引进带来国有企业绩效水平改善情况进行了评价与实证研究。结果显示,引进国际战略投资者的国有企业总体绩效改善水平较好,其中财务业绩提升最显著,董事治理改善次之,最后为经营活动的改善;国际战略投资者的行为表现、行业地位对国有企业绩效产生显著影响;双方互信合作,建立长效的合作机制,是发挥国际战略投资者积极作用的有效保证。
This paper aims to construct an appraisal system for evaluating the impact of international strategic investors upon state-owned enterprise performance on the basis of a review of academic and practical theory relating to strategic investors. The paper incorporates specific Chinese conditions, as well as the circumstances of reforms in the country. Furthermore, based on survey data of the performance of state-owned enterprises after the introduction of international strategic investors, the paper examines the characteristics of qualified international strategic investors and their impact on state-owned enterprise performance during the period of economic transition in China.The paper finds that, on the whole, the performance of state-owned enterprises improves following the introduction of international strategic investors. However, different indices are affected in different ways. Financial performance is most significantly improved by international strategic investors, and the improvement of board-level governance also generally occurs. However, an improvement in operating activity happens to a lesser extent. Overall, this shows that introducing international strategic investors is an effective way to reform stateowned enterprises. On the other hand, the behavior and industry status of international strategic investors has a strong influence on state-owned enterprise performance. Therefore it is inappropriate to only identify the characteristics of qualified international strategic investors based on external factors such as whether or not the investing firm is a listed company, the length of any partnership they are involved in, or the foreign shareholding ratio.The study also shows that there is a possibility that international strategic investors can degenerate into speculators; i.e. they shift their atten- tion from the pursuit of long-term interests to short-term benefits or private benefits of control. The most important conclusion of this paper is that international strategic investors will play a positi
出处
《南开管理评论》
CSSCI
北大核心
2009年第2期11-19,共9页
Nankai Business Review
基金
湖南省哲学社会科学评审委员会课题(0608007A)资助
关键词
国际战略投资者
国有企业
企业绩效
International Strategic Investors
State-Owned Enter-prises
Performance
