国有企业上市后的公司治理与管理创新

上海交通大学硕士学位论文国有企业上市后的公司治理与管理创新姓名：曹愚囡申请学位级别：硕士专业：公共管理指导教师：莫童200506122002MPA2019789020202002MPACORPORATEGOVERNANCEANDMANAGEMENTINNOVATIONINPOSTLISTEDTIMESOFSTATE-OWNEDENTERPRISESABSTRACTThestate-ownedassetsaretheimportantmaterialfoundationforthedevelopmentofnationaleconomyandtheconstructionofChinese-featuredsocialism.Thestate-ownerenterprisesarethestrongsupportforthenationaleconomy.Tostrengthenthevitalityandcompetitivenessofthestate-ownedenterprisesiscriticaltoshowthesuperiorityofChinesesocialistsystemandenhancetheeconomicstrengthaswellasthenationaldefenseandcohesionofChina.Thereformationofthestate-ownedenterpriseshaslastedmorethan20yearsandcontinuouslydevelopedforwardstomakesolidprogressesaseverystepleavesitsprintsteadily.Since1978,thetaxabatementandinterestconcessionaswellasthemarketreformationhavemademostofthestate-ownedenterprisescastoffthestrictplannedcontrol.In1990s,thegovernmentimplementedthejointstocksystemandestablishedthemodernenterprisesystem,duringwhichthestate-ownedenterprisesexperiencedacontinuouslydeepeningcourse.Onthewhole,thecompetitivenessofthestate-ownedenterprisestodayisincreasingincomparisonwiththeenterprises20yearsbefore,soistheefficiencyofthestate-ownedenterprises.However,manytraditionalsystemabuseshavenotbeeneradicatedyet,whichmakesthestate-ownedenterprises,especiallythestate-ownedlistedcompaniesinthenormativeformsconfrontaseriesofproblems.Therefore,thediscussionofthecorporategovernancestructurerelatedtothelistedcompanieswillbehelpfultosolvetheseproblemssoastobe2002MPAmoreadvantageoustothereformationofthestate-ownedenterprisesandtheestablishmentofthemodernenterprisesystem.Forthispurpose,theauthorofthisarticledependsonmanyyears’experienceinlarge-scalestate-ownedlistedcompaniestoelaborateandanalyzetheexistingproblemsinthegovernanceofcurrentlistedcompaniesinChina.Inaddition,theauthoralsoexploresthetheoryofthecorporategovernancestructureandmanagementinnovationforthestate-ownedlistedenterprisessoastomakecontributionstothereformationofthestate-ownedenterprisesandthemanagementofthelistcompaniesinChina.Theissueofthegovernancestructureisstillatthestageofexplorationforthestate-ownedenterprisesinChina.LearningfromothersshallnotonlyobtainthecompleteknowledgebutalsofullyconsidertheuniquefeaturesofChinesepractices.Timeandtidewaitfornoone.Theimprovementinthegovernancestructureofthestate-ownedenterprisesshallbeacceleratedinordertokeepupwiththestepsofthetimes.KEYWORDS:STATE-OWNEDENTERPRISES,CORPORATEGOVERNANCE,MANAGEMENTINNOVATION2002MPA20056122002MPA200561220056122002MPAI2020201978901209022002MPAII3197820032002MPA11.11.1.11951158.919528.6119531957382402219583196680198820031978198812004P722004P72002MPA21978198811988160001988200319881993111419982002118299.2320034,1.1.232004P82002MPA3121801802031.22002MPA41.2.1115002002MPA58%42CLSA200025450CLSA32004220039109015%200335%5NewYorkStockExchange--NYSE,17611NameSymbol$LastTradeVolume$Change%ChangeAluminumCorp.ofChinaLtd.ACH58.9553,8000.000.00BeijingYanhuaPetrochemicalCompanyLimitedBYH23.673,5000.120.50ChinaEasternAirlinesCorporationLimitedCEA17.852,9000.392.23ChinaLifeInsuranceCompanyLimitedLFC26.8018,7000.060.22ChinaMobile(HongKong)Ltd.CHL16.67210,0000.030.18ChinaNetcomGroupCorporation(HongKong)LimitedCN27.8044,9000.000.00ChinaPetroleum&ChemicalCorporationSNP40.65137,7000.140.34ChinaSouthernAirlinesCompanyLimitedZNH17.042,8000.110.64ChinaTelecomCorporationLimitedCHA35.0533,9000.120.34ChinaUnicomCHU7.73629,0000.060.77GuangshenRailwayCo.Ltd.GSH18.542,7000.231.25HuanengPowerInternationalInc.HNP29.0047,5000.170.59JilinChemicalIndustrialCompany,Ltd.JCC30.648,7000.973.2642004-10-0852004-10-086PoweredbyNYSEMarkeTrac|asof02:52ET29Mar2005|Marketdatadelayed20min2002MPA6PetroChinaCompanyLtd.PTR60.87322,5000.761.23SemiconductorManufacturingInternationalCorporationSMI9.8148,4000.070.70SinopecShanghaiPetrochemicalCompanyLimitedSHI41.7117,7000.240.57YanzhouCoalMiningCo.Ltd.YZC69.215,0000.240.34NYSE200532911171.2.2200110.2%200425.3%71172004-10-082002MPA71.2.3200012122002MPA820022000200350002004151-320036-2004634USXUSX13USX.,1793211172002MPA92.188200212002MPA102.1.1(1)(2)(3)51(20)60302.1.220021135113539.2143.93809920042002MPA11,(1)(2)(3)(4)(5)2.22002MPA121232.2.12002MPA132.3ST2.3.1()2002MPA142.4(1)(2)(3)()2002MPA152.5……2.5.11.2.3.2002113528.832002MPA162.5.21.2.3.2.62002MPA172.7(1)(2)(3)2.8(1)2002MPA18(2)2002MPA193.1Corporategovernance10199842728OrganizationforEconomicCooperationandDevelopmentOECDOECD199320903.1.1208010Hay,D.,D.Morris,G.S.LiuandS.Yao,1994,EconomicReformandState-OwnedEnterprisesinChina:1979-1987,OxfordUniversityPress.2002MPA20BerleandMeans,1932JensenandMeckling,1976FamaandJensen,1983ShleiferandVishny,1997CochranandWartick,198819953.1.2financemodel1111..20022002MPA21()2080293.23.2.1---2002MPA223.2.2---OECDOECD3.2.3—3.32002MPA233.4——“”122004-2-22,,,,,,,,1220042002MPA24,,3.4.12004213072002CCGIN=α1*ASMAI+α2*ABOD+α3*ABOM+α4*AT+α5*AD13CCGINαα=123…5ASMAIABODABOMATAD1320042002MPA254.14.1.1(1)(2)2002MPA26(3)---4.23200172001832002120022002MPA272003920031020044.2.1—1.(1)(2)