摘要
西方国家产权高度分散企业出现的 “ 丑闻”、转轨经济国家私有化的消极影响和我国股份制改革未能提高国有企业经营绩效的实践证明,产权私有化不是提高国有企业经营绩效的“灵丹妙药”,国有股减持不合时宜。为验证该结论,本文以深沪两市 2001年综合类上市公司为样本对国有股、流通股与公司绩效的关系进行了实证分析。结果表明,国有股、流通股与公司绩效之间存在曲线关系,且它们与公司绩效之间均存在负相关关系。其中,国有股对上市公司经营业绩的负影响不显著,流通股的负影响较显著。
The ‘scandal’of enterprises which disperses in the property right appears in developed countries, the negative influence of privatization produces in transition economy countries, and the shareholding system reform does not improve the performance of SOEs indicate that the reduction of state-owned stocks is unreasonable. In order to verify the validity of this conclusion, the paper carries out the positive analysis about the relation between business performance and the proportion of trade stocks, the state-owned stocks with the comprehensive listed companies in 2001 of Shenzhen and Shanghai stock market. The result indicates that there are curve and negative relations between them. And the trade stocks are more remarkable than the state-owned stocks. If you should improve the ef?ciency of state-owned listed enterprises, the key is not the reduction of state-owned stocks, but to set up perfect mechanism of state-owned enterprises.
出处
《南开管理评论》
CSSCI
2004年第1期64-68,共5页
Nankai Business Review
