The State-Owned Capital Management Budget?Enterprise Life Cycle And Efficiency Of Capital Allocation

From germination to development and establishment of the state-owned capital management budget system,it has been a long process.Since from September 82007,the State Council issued the "State Council on the pilot state capital budget",after many years' exploration and summarization,the frame of the state-owned capital management budget system has been basically established and it has been implemented widely in China.However,its implementation effect is questioned.In recent years,many scholars analyze the effectiveness of the state-owned capital management budget system by employing normative or empirical research.But,the research results are different.On one hand,some scholars believe that the goal of the state-owned capital management budget is to maintain and increase the value of state-owned capital,it can indeed play a role in promoting the performance of the central enterprises and improving the efficiency of capital allocation;On the other hand,some scholars hold that the effect of the state-owned capital management budget system is limited,because of the implementation problems and imperfection of relevant mechanism.This paper based on the perspective of enterprise life cycle,employs 2003-2015 the central enterprises controlled listed companies as the research object,empirically investigate the influence of state-owned capital management budget system on the efficiency of capital allocation.Considering the theme of study,this paper is divided into six parts:Chapter ? is introduction,which introduces the background and research value of the paper,raise research ideas and methods,defines the main concepts of this article,and outlines the technology roadmap in this part.Chapter ? is literature review,which includes foreign capital budget management,enterprise life-cycle,and capital allocation efficiency research,then put forward the research points of this paper.Chapter ? is the theoretical basis and assumptions,which analyzes some basic theories,such as the principal-agent theory,asymmetric information theory,enterprise life cycle theory,and free cash flow hypothesis theory.Then,put forward hypothesis on the basis of this.Chapter ? is empirical study design.Empirical models and the variables used in them are elaborated in this part according to the research content.Chapter ? is the empirical results and analysis,which includes descriptive statistical analysis and regression analysis.In addition,this paper conducted a series of robustness tests in order to verify the robustness of the results.Chapter ? is the conclusion and prospect.In this part,conclusions are made according to the results of the empirical conclusions,and relative policy advices are put forward on the basis of research conclusions.The following conclusions are found in this paper.(1)The implementation of the state-owned capital management budget system restrains the inefficient investment of the central enterprises,and promotes the efficiency of the allocation of the state-owned capital;(2)The proportion of state-owned enterprises paid capital gains negatively correlates with inefficient investment levels,and promotes the efficiency of the allocation of the state-owned capital.(3)The implementation of the state-owned capital management budget plays a bigger role of improving capital allocation efficiency in growing central enterprises than the companies in mature stage or depression stage.(4)The increasing of the proportion of state-owned profits paid plays a bigger role of improving capital allocation efficiency in growing central enterprises than the companies in mature stage or depression stage.