CAJ | 학술논문

对我国上市公司股权分置改革情况进行的实证检验表明：从整体上看，股改对企业业绩有显著积极作用；从直接控制人角度看，除了在非公司型国有控制公司中，股改与企业会计业绩没有显著关系外，其他类型公司的股改对企业会计业绩均有正面作用，而外部市场对任何一种上市公司的股改均存在良好预期。这些结果表明，政府对国有企业控制形式的差异显著影响了股改的有效性，本文的研究为进一步深化国有企业改革提供了实证依据。
대아국상시공사고권분치개혁정황진행적실증검험표명：종정체상간，고개대기업업적유현저적겁작용；종직접공제인각도간，제료재비공사형국유공제공사중，고개여기업회계업적몰유현저관계외，기타류형공사적고개대기업회계업적균유정면작용，이외부시장대임하일충상시공사적고개균존재량호예기。저사결과표명，정부대국유기업공제형식적차이현저영향료고개적유효성，본문적연구위진일보심화국유기업개혁제공료실증의거。
A positive examination of China＇s listed company split-share structure reform reveals that it is on the whole of positive effect on enterprise performance, of which it is positive effect in the angle of direct controller on the accounting performance of all the other companies than the non-corporation government-controlled companies where the accounting performance is not remarkably related to the reform, and that there exists good anticipation of all the split-share structure reform of listed companies from the outside market. The findings show that the diversity of government control over the state enterprises remarkably affects the validity of the reform and offers positive reference for further reform of state enterprises.