An Empirical Study on the Impact of the Pilot Establishment of State-owned Capital Investment and Operation Companies on the Enterprise Value——Evidence Based on the Quasi-natural Experiments of Central and Provincial-level Enterprises
Deepening the reform of state-owned enterprises is an important measure to promote the transfor-mation and upgrading of the national economy and its high-quality development.The report of the 20th National Congress of the Communist Party of China further indicates the direction of deepening the reform of state-owned en-terprises.It is necessary to deepen the state-owned assets supervision system to streamline administration and dele-gate power,realize the transformation and innovation of the management and control mode of state-owned assets and state-owned enterprises,and stimulate the vitality of state-owned economy.Based on the sample of all a-share listed companies from 2011 to 2022,this paper defines the listed companies with state-owned capital investment and operation companies among the top ten shareholders as the treatment group and the rest of those as the control group.Through the construction of double difference model,the economic effect of the pilot policy is empirically tested.It is found that that the policy pilot can significantly improve the market value of listed companies,and the greater the pilot intensity,the more obvious the effect.The heterogeneity analysis shows that the policy pilot has a significant effect on the enterprise value in the areas with high,medium and low economic development,but has no significant effect on the areas with low and medium economic development.The effect of piloting in central enterpri-ses is more significant than that at the provincial level.
state-owned capital investment and operation CompanyDID Modelenterprise valuedeepe-ning reform of state-owned enterprises
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