Implementation of State Capital Operations Budget System and De-zombification of State-owned Enterprises
The state capital operations budget system is an important institution in implementing national strategies,enhancing the government's macroeconomic control capabilities,and promoting the optimization of the layout and structural adjustment of the state-owned economy. How to accurately and effectively dispose of state-owned zombie enterprises constitutes a key link in making state-owned capital stronger,better and bigger in the new era. Taking state-owned listed companies in Shanghai and Shenzhen stock exchanges from 2003 to 2020 as samples,based on the reform practice of the step-by-step implementation of the state capital operations budget system,this paper researches the impact of implementation of state capital opera-tions budget on the de-zombification of state-owned enterprises. It finds that the implementation of the state capital operations budget system can alleviate improper government intervention and improve the behavioral expectations of state-owned enterprise executives,thereby promoting the de-zombieization of state-owned en-terprises. The heterogeneity test shows that the aforementioned effects are more obvious in local state-owned enterprises and after strengthening the Party's leadership in state-owned enterprises in 2015. The dynamic effect test shows that the implementation of state capital operations budget system can improve the profitabili-ty of state-owned enterprises,reduce abnormal credit levels and debt scale,thereby reducing the possibility of normal state-owned enterprises becoming zombie enterprises and promoting the return of state-owned zom-bie enterprises to normal. The economic consequences test shows that the implementation of state capital op-erations budget system ultimately has a positive impact on the market value,production capacity and operat-ing performance of corresponding state-owned enterprises. Therefore,continuously improving the state capital operations budget system and clearly defining the rights and responsibilities between the government and state-owned enterprises are crucial to promoting the high-quality development of state-owned enterprises and preventing and defusing major risks.
State Capital Operations BudgetState-owned EnterprisesZombie EnterprisesDe-zombification
万方数据
维普
