Is Central Enterprise Restructuring Good For Internationalization?

In the implementation of the "going out" strategy and the "Belt and Road Initiatives," the SASAC has repeatedly emphasized the importance of improving the degree of internationalization of enterprises as an important goal for the restructuring of central enterprises.However,since the formal kick-off in 2003 and the reorganization of central enterprises after more than a decade have reached the goal of the SASAC,there is no relevant empirical study to analyze it.After more than a decade of restructuring the central enterprises,the data became more abundant.This article took this opportunity to take the case of reorganization of central enterprises from 2003 to 2013 as the research object,and conducted in-depth research using the relevant data of the listed companies controlled by the central enterprises from 2001 to 2016.Through the study,this paper finds that: From the perspective of the absolute degree of internationalization,the reorganization of central enterprises has significantly contributed to the increase of the total overseas income of enterprises,while the growth momentum of overseas income has slowed down.Judging from the relative indicators of the degree of internationalization,the reorganization of central enterprises has a significant negative impact on the acceleration of the internationalization process of enterprises.That is,the overseas income of unit assets output and the proportion of overseas income in the company‘s total revenue are significant after the reorganization of central enterprises.reduce.This article further examines the role of central corporate restructuring in the process of internationalization of enterprises.The empirical results show that the reorganization of central enterprises in the same industry and in different places has a significant positive effect on the degree of internationalization of the company;The degree of internationalization of the party has a significant negative impact.The results of the final expansive analysis show that the reorganization of central enterprises has a wealth effect,that is,the unanticipated increase in wealth of the company's shareholders after the reorganization of the central enterprises.At the same time,after the restructuring of the central enterprises,the higher the degree of internationalization of the enterprises,the worse the performance of the enterprises.The conclusion of this paper shows to a certain extent that the reorganization of central enterprises promoted by the SASAC has a significant positive effect on increasing the total income from overseas.However,after the reorganization of the central enterprises,the enterprises have enjoyed excessive monopoly profits in the domestic market,resulting in the lack of internationalization momentum,and the relative indicators of internationalization have declined.At the same time,most of the costs of reorganization of central enterprises are directly or indirectly borne by the country and the people.This restructuring costs are transformed into huge profits for central enterprises through various channels.This also shows that the behavior patterns of central enterprises still remain.It depends on the interests of the monopoly to maximize the interests of the enterprise itself.The appeal points of the government and the company are different.Considered from the latter two aspects,the reorganization of the central enterprises violated the original intention of the SASAC to some extent.The research in this article helps to reexamine the reorganization of central enterprises under the guidance of the government from the perspective of internationalization.