中國大陸混合所有制改革的績效評估與對股價之影響

The Impacts of Mixed Ownership Reform of the Chinese State-Owned Enterprises on Corporate Performance and Stock Price

錢云帆(Yunfan Qian)

指導教授 ： 李存修

共同指導教授 ： 陳彥行(Yan-Shing Chen)

國立臺灣大學/管理學院/財務金融學研究所/碩士(2020年)

https://doi.org/10.6342/NTU202000993

摘要

2013年以來，中國大陸爲加快國有企業改革、提高國有企業活力，開展了第三輪混合所有制改革。希望在混合所有制改革之後能給國有企業帶來新的經營理念、治理方法和創新力從而提高企業經營績效，促進國民經濟發展。
本文利用理論和實證相結合的方法探討混合所有制改革對國有企業經營績效和公司股價的影響，並針對目前所存在的問題，提出一些合理的建議。
從1978年改革開放開始，中國大陸經歷了三輪混合所有制改革，從最初的公有制經濟逐漸發展為多種經濟所有制共同發展的中國特色社會主義市場經濟體制。而最新一輪的混合所有制改革更是加大力度、拓展領域，以引入戰略合作者的方式讓民營企業加入到國有企業的運營中去，以員工股權激勵計劃提高員工工作積極性和業務能力，從而解決國有企業目前面臨的種種問題。
爲了具體説明中國大陸新一輪混合所有制改革的方法和過程，本文使用中國聯通于2017年11月完成的混改作爲案例，詳細説明改革前後公司在股權結構、公司治理、業務發展、績效等方面發生的變化。從結論可以看出，混改在多方面提高了中國聯通的經營績效，且引入多家互聯網公司作爲戰略投資者，能夠幫助其在業務上相互依存，獲取上下游的支持，達到多方面的提升。
實證方面，本文首先計算混合所有制改革前後，國有企業幾項主要財務指標的變化情況，可以瞭解到，國企在完成混改後，經營績效確實有所提高，並且在完成後的第二年更爲明顯。這也表明了混合所有制改革的效果為長期效應，國有企業需要一段時間來調整經營模式。即便混改後的績效有所提高，但不可避免的有其缺點，本章節也提到了目前中國大陸混合所有制改革的一些不足之處，包括外部制度未更新、國有企業本質的矛盾等。
為進一步瞭解公司的未來績效，本文繼續探討投資者對混合所有制改革的市場反應，通過事件研究法對混合所有制改革這一事件對公司股價的影響做了分析。從異常報酬率的實證結果中可以瞭解到，投資者對混改事件持顯著的正向觀點，即在混改公告日有非常顯著的正異常報酬率。
綜上所述，國有資本和非國有資本的融合確有其效，但就最新一輪混改來説還有幾項缺點，本文在最後也針對現存的問題，提出了未來可以改正的四點實用性建議，期望為之後其他實施混合所有制改革的公司提供一定的藉鑒意義。

關鍵字

混合所有制改革 ； 績效 ； 事件研究法 ； 股價

並列摘要

Since 2013, China has launched the third round of mixed ownership reform to speed up the reform of state-owned enterprises. It is hoped that the reform of mixed ownership will bring new business philosophy and management methods to state-owned enterprises so as to improve business performance and promote the development of national economy.
This paper discusses the impacts of mixed ownership reform of the Chinese state-owned enterprises on corporate performance and stock price by combining theories, case study and demonstrations, then puts forward some reasonable suggestions for the existing problems.
Since China's reform and opening up in 1978, China has experienced three rounds of mixed ownership reform. The latest round of mixed ownership reform widen fields and put forward higher requirements to both governments and corporates, helping private enterprises join the state-owned enterprises, in order to solve problems that state-owned enterprises are facing. The development of mixed ownership is an important means to the reform of state-owned enterprises and economic prosperity.
In order to specify the method and process of the new round of mixed ownership reform in China, this paper takes the mixed ownership reform completed by China Unicom in November 2017 as a case to elaborate the differences of the company before and after the reform. The conclusion presents that the mixed ownership reform has improved the performance of China Unicom in many aspects.
For empirical analysis, this paper calculates some major indicators of state-owned enterprises after the mixed ownership reform. After reform, the performance of state-owned enterprises has indeed improved, and it is more obvious in the second year after the reform completion. In addition, this chapter mentions some shortcomings of the mixed ownership reform in China.
This paper also explores the reaction of investors to the reform of mixed ownership, and analyzes the impacts on the stock price through the event study method. From the empirical results, there are very significant abnormal rates of return on the mixed ownership reform announcement date, that is, investors hold a significant positive view on the mixed ownership reform event.
To sum up, the integration of state-owned capital and non-state-owned capital is effective, but there are several shortcomings in the latest round of mixed ownership reform. At the end of this paper, aiming at the existing problems, it puts forward four practical suggestions that can be corrected in the future, hoping to provide some reference for other companies that will implement the mixed ownership reform later.

並列關鍵字

Mixed Ownership Reform ； Performance ； Event Study ； Stock Price

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