国资委要求建立国有资本经营预算监督检查制度

国资委近日发出通知，要求做好国有资本经营预算执行的组织和监督工作，并表示为进一步规范资本预算执行工作，国资委将建立中央企业国有资本经营预算执行监督检查制度，对企业资本预算执行情况进行检查或专项审计，以提高预算资金的使用效益。     

社会资本对高技术企业绩效的作用分析

社会资本是个人或组织在社会结构中所具有的，并能为个人或组织带来利益的资源。高技术企业绩效决定于企业能否以较低的成本为市场提供买方所认可的高价值的产品或服务。决定于企业不断地进行技术创新的能力。社会资本不仅有利于降低高技术企业的交易成本，而且还有利于提高企业的技术创新能力。因此，加强企业的社会资本积累。是高技术企业提高经营绩效的重要方法和战略选择。     

经营绩效反馈、环境不确定性与企业广告投入

基于2012～2015年深沪两市A股上市公司样本数据，对经营绩效反馈和企业广告投入之间的关系进行了理论分析和实证检验，并进一步考察了环境不确定性的调节作用。研究结果表明：（1）当企业未实现资本市场经营预期时，随着实际绩效低于经营预期程度的增大，企业广告投入将减少；（2）当企业实现资本市场经营预期时，随着实际绩效高于经营预期程度的增大，企业广告投入将增加；（3）当企业未实现资本市场经营预期时，与低不确定性环境相比，高不确定性环境中企业经营绩效负反馈对广告投入的负向影响将增强；（4）当企业实现资本市场经营预期时，与低不确定性环境相比，高不确定性环境中企经营绩效正反馈对企业广告投入的正向影响将增强。     

高效率集约化多功能资本经营是中国汽车工业企业改革与发展的根本出路

大量资本投入和国有多了优化配置，是实现“九五”和2010年发展目标，把我国汽车工业；快建设成国民经济支柱产业的关键。如何解决汽车工业企业资金严重短缺问题？如何加大集中投资强度和推进国有资本的战略重组和结构调整？如何提高投资活动和资本经营的效益，实现经济增长方式的转变？就此浅谈个人的一些初步探讨意见和建设。一、汽车工业企业投融资活动和资本经营存在的主要问题90年代，有些企业冲破资产（资本）不能经营的禁区，开始从单一产品生产经营向资产经营的方向转变、多种经济成分组成的资本结构和多种投融资渠道转变，对促进“…     

观点集萃

通过搞活国有资本来搞活国有经济从整体上搞活国有经济的实质，是搞活国有资本。国有资本不仅包括国家投资的产业资本，而且也包括国有金融资本。着眼于搞活整个国有经济，就是通盘考虑财政、银行和企业的改革，理顺三者之间的关系，提高国有资本的营运效率和效益。搞活国有资本，必须要研究和制定国有经济的产业分布政策，根据国家产业政策，调整国有资本的投向、国有资本的分布结构。对涉及国家主权、安全，必须由国家垄断经营的产业，国有资本要独资经营；对关系国民经济命脉的能源、交通、通讯、基础原材料产业，国有资本要实现控股；对…     

融资约束下煤炭企业营运资本管理与企业绩效检验

在资金需求量大、融资压力大的双重压力之下,如何利用营运资本管理提高企业绩效是煤炭企业亟待解决的难题。基于煤炭上市公司的样本数据,使用外部融资成本作为融资约束的分组标准,运用多元回归的方法分析煤炭企业营运资本管理对企业绩效的影响,得出煤炭企业营运资本与企业绩效间的关系有不同于其他行业的特征:高融资约束下应收账款周转率与企业绩效成显著正相关,而其他两个则为负相关;低融资约束下各指标则与企业绩效成负相关。     

经济政策不确定性对企业绩效的影响——来自中国非金融类上市公司的经验证据

本文基于2011～2017年中国A股非金融类上市公司面板数据， 实证探讨了经济政策不确定性对企业绩效的影响， 研究发现： 经济政策不确定性上升对企业短期经营具有负向冲击， 但是激励企业长期绩效的增长； 经济政策不确定性对企业绩效的影响具有显著的地域、行业差异； 对于不同特征的企业， 经济政策不确定性对企业绩效的影响具有选择效应， 即在经济政策不确定性增加背景下， 技术创新能力越强的企业， 短期绩效受到的负面影响越小； 受政府支持与保护的企业， 不仅短期绩效受到的负向冲击较小， 而且长期绩效受到的激励效应也相对明显。     

创新国有资本运营公司管控模式

正党的十八届三中全会后,随着国有资本授权经营体制改革逐步展开,中央和地方政府层面逐步推行国有资本运营公司的管控模式。国有资本运营公司通过资本运营及资产证券化等市场机制,增强国有企业从实业到资本整合运营能力。作为组织性政策工具的"国有资本运营公司""公共企业"是一种组织性政策工     

既存在优势也会有弊端

十八届三中全会在《决定》中指出：“积极发展混合所有制经济。国有资本、集体资本、非公有资本等交叉持股、相互融合的混合所有制经济是基本经济制度的重要实现形式。”“允许更多国有经济和其他所有制经济发展成为混合所有制经济。国有资本投资项目允许非国有资本参股。允许混合所有制经济实行企业员工持股，形成资本所有者和劳动者利益的共同体。”从管理理论上来讲，混合所有制是指由国家、集体、私人、外商等两方或多方共同投资兴办的企业。包括各方共同出资兴办的有限责任公司和股份有限公司，也包括由不同所有制企业、个人、事业单位之间共同投资组建的紧密型联合企业。作为施工企业，是否可以尝试采取混合所有制，利用一些优势，突破一些难点，改变一些现状呢？本文尝试着进行了一些思考分析。     

流动资产投资政策与公司绩效关系研究——基于我国生物医药上市公司的实证分析

营运资本管理包括营运资本投资管理和筹资管理,而营运资本投资管理的重要内容之一是流动资产投资政策的制定。本文在进行流动资产投资政策与公司绩效的理论分析基础上,选取我国医药业上市公司2001～2010年74家面板数据,采用分位数回归检验流动资产投资政策对营运效率不同的公司绩效的影响,结果表明流动资产收入比对企业经营绩效产生负向影响,对营运效率越高的企业影响越显著。在此基础上,对于如何采取合理的流动资产投资政策提出了对策建议。     

高管特征、企业异质性与企业技术创新绩效——来自风电产业上市公司的经验数据

技术创新是解决目前风电产业产能过剩、缺乏核心技术发展瓶颈的重要路径，最新文献已经发现高管特征和企业异质性对企业技术创新绩效的影响，但研究结论尚存在分歧。本文以沪深两市风电产业上市公司为研究对象进行实证研究发现：高管持股和女性高管对风电企业技术创新绩效具有显著的促进作用；国有风电企业和省会城市风电企业的技术创新优势会因内部治理结构短板而丧失。将企业异质性作为调节变量进一步研究发现，国有企业中高管持股和女性高管对风电企业技术创新绩效的正向影响更加显著；区位在省会企业中高管持股和女性高管对风电企业技术创新绩效的正向影响更加显著。     

How Much Does Ownership Form Matter?

Research summary : Previous studies have emphasized firm and industry effects on variation in firm performance, but the relationship between forms of ownership and firm performance has been the focus of limited research. This article examines the extent to which ownership form (i.e., public or private ownership) and ownership structure (including diffused ownership and blockholding) affect firm performance. The results of an analysis of 30,525 European Union (EU) firms indicate that form of ownership is an important explanatory factor in the difference in performance among firms. These results underscore the need to study firms characterized by different ownership arrangements and to provide empirical evidence for the study of firm ownership in strategic management. Managerial summary : Motivated by growing evidence on the involvement of different types of owners in the strategies of firms, we studied the extent to which a firm's ownership form (type of legal incorporation, such as public and private ownership forms) and ownership structure (diffused ownership and blockholding) affect its performance. Our study of more than 30,000 firms from the European Union shows that ownership form differences explain some of the performance differences between firms. Our results also indicate that firms with different ownership forms are differently affected by their competitive environment. Overall, the study suggests that choosing the right ownership form can have important strategic consequences. Copyright © 2017 John Wiley & Sons, Ltd.     

Internal governance mechanisms and firm performance in China

Corporate governance issues arising from concentrated ownership structure in emerging economies have received growing attention. Adopting a principal–principal perspective, this paper employs structural equation modeling to evaluate the independent and interdependent effects of internal governance mechanisms in enhancing firms’ value in China. Based on a 3-year dataset covering 304 publicly listed companies over 2003–2005, our findings suggest that ownership concentration has the most significant governance effect and has impacted negatively on firm performance. Furthermore, the governance role of the board of directors and supervisory boards is found to have been hindered by ownership concentration, rendering them unable to improve firm performance at present.     

CEO Share Ownership and Firm Value

This study examines the effect of CEO ownership on firm performance. The findings suggest that CEO ownership and firm performance are jointly determined. Firm performance affects CEO ownership positively and in turn, CEO ownership has a positive effect on firm performance. Our results also show that firms managed by founder CEOs have better performance and that the CEO duality structure is beneficial in a turbulent environment.     

Business group affiliation and firm performance in a transition economy: A focus on ownership voids

In a transition economy, how does business group affiliation make a difference in firm performance? Under the broad label of institutional voids, what specific voids can business groups fill? This paper addresses these questions by drawing on insights from property rights theory and an institutional perspective. We argue that ownership voids, as a subset of institutional voids, occur due to the lack of unambiguously specified ownership of state assets in transition economies, and that business groups emerge to serve as the direct owners of state-owned enterprises to replace such voids. Based on a sample of 1,119 publicly-listed Chinese companies, we find that the interaction of business group affiliation and state ownership has a significant and positive effect on firm performance. Our findings point to business group’s substitution role in filling ownership voids in China’s transition economy.     

Organizational ownership,competitive intensity,and firm performance: an empirical study of the Indian manufacturing sector

Emerging countries are using privatization as a key strategy in their drive to become free market economies. Although these ownership changes are rapidly gaining prominence, the academic literature has been equivocal about the performance benefits of private vs. state ownership. The lack of clarity in findings can be largely traced to the underspecification of the models that prior studies have examined. Specifically, prior studies have mostly ignored the central role of competitive rivalry. This paper proposes a model that centers around the interactive, inseparable effects of ownership and competitive rivalry on firm performance. Results of the empirical examination set in India show that competitive intensity moderates the relationship between ownership and performance. Copyright © 2001 John Wiley & Sons, Ltd.     

中国上市公司股权结构和公司业绩的相关性

公司股权结构对公司业绩的影响方向和程度不完全相同。股东结构、股权集中程度以及大股东在公司的身份对公司经营业绩和资产的市场价格产生重大作用。股权结构的优化要以保护中小股东利益为基础。     

Institutional ownership,capital structure,and firm performance

In most studies of ownership and firm performance, researchers have assumed different forms of ownership do not interact in their effect on firm strategy or performance. Focusing on the role of institutional owners, this study poses two related questions: (1) What are the relationships between outside institutional shareholdings, on the one hand, and a firm's capital structure and performance, on the other? and; (2) Does the size of stockholdings by corporate executives, family owners, and insider-institutions modify those relationships? The data, collected from 40 pairs of manufacturing firms selected from as many industries over a 3-year period, shows that the size of outside institutional stockholdings has a significant effect on the firm's capital structure. We have also found that family and inside institutional owners' shareholdings moderate the relationship between outside institutional shareholdings and capital structure. Likewise, corporate executives' shareholdings supplement the relationship between outside institutional shareholdings and firms' performance. These findings suggest that internal and external coalitions interact with each other to influence the firm's conduct.     

营销价值观与组织绩效关系的实证研究:兼论企业所有制的影响

本文重点讨论了营销学中作为指导企业营销活动的价值观——市场导向与利益相关者导向的理论架构，并检验了利益相关者导向与组织绩效之间的关系。同时，还针对文献中欠缺的中国企业所有制的影响，进行了分析。研究结果发现，利益相关者导向对中国企业的组织绩效具有积极影响。但中国不同所有制的企业，在利益相关者导向和组织绩效上差异很大。     

民营化为何不能改善公司经营绩效——国光瓷业民营化的案例研究

本文以国光瓷业民营化为例,研究发现公司业绩并没有在“国退民进”之后表现出极大改善,相反正在急剧恶化。我们运用产权理论详细分析了民营化前后的所有权安排,指出民营化后的所有权安排并没有显著改善。基于这种所有权安排的控制权收益是导致公司业绩恶化的直接原因,“国有”时期的控制权收益体现在上市公司为政府的多元化经营目标服务,偏离了企业以盈利为导向的经营目标,而“民营”时期的控制权收益则体现为民营股东从上市公司转移资源。因此,通过完善证券市场的基础法律环境,约束甚至严惩控股股东获取控制权收益,是保证国有上市公司“国退民进”取得成功的基础。