CAJ | 학술논문

国有企业改制上市是我国推进国有企业改革的重要内容。本文就国有企业改制上市过程中政策性负担的处置对改制绩效与政府配置资源行为的影响进行研究，结果表明，采用存续分立模式改制上市的公司，其背负的政策性负担使其上市之后业绩相对较差，而政府为了补偿政策性负担对企业自生能力的损害，给存续分立公司配置了更大的融资规模；随着股票发行“核准制”替代“审批制”，存续分立公司与非存续分立公司的融资规模差异有所缩小。以上研究结果表明，政策性负担处置的不彻底会给国有企业改制效果带来负面影响，但它提高了公司的融资规模；同时，股票发行制度也直接影响着政府配置资源的行为。
국유기업개제상시시아국추진국유기업개혁적중요내용。본문취국유기업개제상시과정중정책성부담적처치대개제적효여정부배치자원행위적영향진행연구，결과표명，채용존속분립모식개제상시적공사，기배부적정책성부담사기상시지후업적상대교차，이정부위료보상정책성부담대기업자생능력적손해，급존속분립공사배치료경대적융자규모；수착고표발행“핵준제”체대“심비제”，존속분립공사여비존속분립공사적융자규모차이유소축소。이상연구결과표명，정책성부담처치적불철저회급국유기업개제효과대래부면영향，단타제고료공사적융자규모；동시，고표발행제도야직접영향착정부배치자원적행위。
The restructuring and going public of state-owned enterprises （SOEs） is an important issue of the re- form of Chinese economy. This paper investigates the impact of policy burdens on the performance of SOEs re- structure and government behavior of resource allocation. The results show that incompletely restructured com- panies underperform completely restructured companies due to the policy burdens. Accordingly, the IPO size of incompletely restructured companies is larger than that of completely restructured companies. The difference in IPO size decreases when the Chinese stock market issuing system changed from the Examination and Approval System to the Approval System. The results suggest that policy burdens cause poor performance, but increase IPO size. Meanwhile, the stock market issuing system has an impact of the government behavior of resource al- location.