国有独资转为国有控股的动因及市场反应——基于湖北宜化集团改制的案例研究

文章以"湖北宜化"控股股东宜化集团的改制案例为研究对象,分析了国有企业改制的动机及其由此产生的市场反应。研究表明,政府主导下国有企业改制成功是由于满足了政府的政治动机,即政府推动和企业良好经营绩效的有效契合,且湖北宜化股权收购使全体流通股股东获得了超额收益。进一步研究还发现,由于优质资产的注入,市场对国企改制给予了积极的评价。

On the Motivation of the Transition of State-Owned to State-Controlled and the Market Reaction:A Case Study Based on the Restructuring of Hubei Yihua Group

Taking the restructuring case of Yihua Group,which is controlled by Hubei Yihua,as a study object,this paper analyze the motives of restructuring of the state-owned enterprises and the market reaction therefrom.The study reveals that the success of the government-led restructuring of state-owned enterprises is due to the fact that the political motives of the government are satisfied,i.e.the government promotion is effectively connected with the good business performances;the share purchase of Hubei Yihua has gained excess return for all the tradable shareholders.Further study finds that because of the injection of quality assets,the market gives positive evaluation to the restructuring of state-owned enterprises.