我国上市企业国有股转让与公司绩效研究.pdf

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我国上市企业国有股转让与公司绩效研究.pdf

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Abstract Thepracticeo#globalenterpriseshasprovedthatthereisavery close relationship thecorporategovernance,equiyt structureandenterpnse performance.Differentownershipstructureleadstodifferentcorporategovernance, onwhichtheenterpriseperformancedependsdirectly.Inchina,mostofthelisted companiesstemrfomresturcturedstate-ownedenterprise,whichcausestheabnormal equitysturctureandlow efficientgovernance.Manycompanieschoosethe state-ownedequitytransactionasavalidwaytorationalizeequiytstructuresince somepartofequiytinthelistedcompaniesisprohibitedtocirculate.Thereforeitis meaningfultoinspecttherelationshipbetweenstate-ownedequiyttransactionand enterpriseperformance. Firstly,thearticlediscussesthelogicrelationshipamongequitystructure, corporategovernanceandenterpriseperformanceaccordingtothetheoryofmodern enterprise.Secondarily,itstatesthecharacteristicofequitystructureinthelisted companies,andanalyzestheinefficiencyofthecorporategovernancearisingrfomthe unreasonableequitystructure.Then,thearticlegoesonanalyzingthenecessityand feasibilityofimprovingequitystructurebystate-ownedequiyttransaction.Afterthat, itusestheindexEVAtoevaluatethecorporateperformanceandproceedsthe empiricalresearchon76listedcompanieswhichtransactstate-ownedequityin2000. HavinginvestigatedtheEVAresultsduringtheperiodrfom2001to2003,wecan drawsuchaconclusionthattransferringtheownershipofstate-ownedequitybetween legalentitiescannotperfecttheequiytstructurebasically.Butthecompaniescould createeconomicvaluetemporarilyiftheytradethestate-ownedequitywithexterior shareholdersbythemeansofmarketmechanismandlowertheequiytconcentrate degreeeffectively.Finally,thearticleputsforwardsomesuggestionsagainstthe state-ownedenterprisereformandthecorporategovernanceimprovement. KeyWords:CorporateGovernance EquiytStructure EnterprisePerformance State-ownedEquiytTransaction EconomicValueAdded