关键词: 央企重组, 国企改革, 国有资本配置效率, 政策协同

Abstract: Based on the perspective of policy synergy of deepening the reform of SOEs，this paper systematically investigates the impact and mechanism of the restructuring of central SOEs on the allocative efficiency of stateowned capitalIt is found that the restructuring of central SOEs can improve the performance of stateowned capital，which lasts for a long timeAnd this result also depends on the restructuring methodsThe mechanism tests indicate that the restructuring of central SOEs improves the performance of stateowned capital by reducing costs and improving efficiency rather than intensifying market monopolyFurther tests indicate that deepening the reform of SOEs，especially the classified reform of SOEs and the pilot of establishing stateowned capital investment and operation companies，can generate a policy synergistic effect on the restructuring of central SOEsFinally，the restructuring of central SOEs can also promote stateowned capital to eliminate backward and excess production capacity and devote resources to important industries and core businesses through liquidation，delisting and transfer of property rightsThis paper responds promptly to the important concerns about the effectiveness and necessity of the restructuring of SOEs，especially central SOEsMeanwhile，it provides useful enlightenments for further promoting the reform of SOEs.

Key words: restructuring of central SOEs, reform of SOEs, allocative efficiency of stateowned capital, policy synergy