State Owned Capital Gains,Industry Competition And Firm Performance

In our country,with the restructuring of state-owned enterprises,the size and the number of state-owned assets continues to expand,"the largest amount of state-owned assets" and "state-owned economy proportion "are two high situations.The management level of state-owned assets for business operation has been greatly improved.Operating state-owned assets is one part of the assets that obtain highest efficiency and profitability,it can ease the monopoly or market failure caused by the inadequate supply of public goods problems,and achieving the goal of preserving and increasing the value.In addition,it can improve the national economy.On the September 8,2007,the report on "the State Council on the trial of the release of state-owned capital management budget" means the formation of the system has been shaped.The central enterprises which are involved in the framework of stated-owned capital management budget system should hand in their profits in proportion to the state according to the national policies and regulations.The implementation of the budget system of state owned capital promotes the improvement of business performance efficiently.At the same time,it is acknowledged that the proportion of current profits is too simple,lacking the consideration of industry conditions.At present,the charge of state-owned capital gains and business performance research hardly considering the external factors of enterprises.Few researchers focus on the factors of the competition in the industry when researching on the paid for state-owned capital budget revenue and corporate performance.I have researched on the central enterprises which are involved in the capital management budget implementation and get listed during 2003 to 2015.Next,I adopted the empirical research methods and research on the effects of the system implementation and existing revenue affected to the business performance.At the same time,my research may be used to provide useful guidance for the further central enterprises with the improvement of state-owned capital gains.Focus on the theme of this study,this paper is divided into six parts:the first part,introduction.In the first part,i mainly introduce the background and research value of this paper,and puts forward the research ideas,research methods,the innovation and deficiency of this paper.The second part is about literature review.I make the summary of capital operation budget,the state-owned capital management budget revenue collection for domestic and foreign countries.In addition,I also concentrate on the relationship between state-owned capital management budget revenue and corporate business performance considering the factors of competition in the industry.The third part is about theoretical analysis and assumptions.In this part,I define the main concepts of this paper,including state-owned assets,state-capital,state-owned capital budget,state-owned capital operating budget,industry competition and business performance.Then,through the theories of property rights,the budget management theory,"a bird in hand" theory,commissioned agent theory etc,analysising the relationship between the implementation of state-owned capital operating budget system,the proposition of income and the competition of the industry.Lastly,I put forward the hypothesis of this research.The fourth part is about empirical research design.In this part,I use the samples of central enterprises which are involved in the capital management budget implementation and get listed during 2003 to 2015.The research data of this paper are mainly from the Guo taian database and wind database.The fifth part is about the empirical results and analysis.First of all,I describe the statistical analysis about the implementation of state-owned capital operating budget system,the proportion of state-owned capital gains paid and enterprise performance.Then I do the correlation and regression analysis.On the basis of this,the sample data are divided into industry competition degree.At last,I do the empirical analysis of the influence of state-owned capital gains in the proportion of state-owned capital gains on the business performance.In addition,this paper designs a series of robustness tests to verify the regression results.The sixth part is about the conclusion and Prospect of the research.According to the fifth part of the empirical results,the main conclusions of this paper,and put forward relevant policy recommendations.The conclusion of this paper shows that the implementation of the budget system of state-owned capital management can effectively improve.the business performance.But now,there are no significant relationship between the proportion of state-owned capital gains and corporate performance because lacking relevant industry factors about the general classification of the five major categories.After the introduction of industry competition,this paper finds that the effect of the competition level of different industries on the business performance is different in the proportion of the same income.For the low degree of competition,the proportion of state-owned capital gains seems to suppress the business performance.So improving the proportion of paid to promote business performance is important,but the current proportion of the overall income is still low.For highly competitive industries,appropriate increase in the proportion of income can promote business performance.The conclusion of this paper provides evidence support for the further improvement of the proportion of state-owned capital gains.