混合所有制改革对国有企业投资效率的影响研究——基于A股上市国有企业的数据  

Study on the Influence of Mixed Ownership Reform on the Investment Efficiency of State-owned Enterprise:Evidence from Listed State-owned Enterprises in A-share

作　　者：戴宁[1] Dai Ning(School of Economics,Fujian Normal University,Fuzhou 350117,China)

机构地区：[1]福建师范大学经济学院

出　　处：《石家庄铁道大学学报（社会科学版）》2018年第3期33-40,共8页Journal of Shijiazhuang Tiedao University（Social Science Edition）

基　　金：国家社科基金重点项目(14AGL007);国家社科基金青年项目(13CGL024);教育部人文社科项目(13YJA630007)

摘　　要：以2008—2015年沪深两市A股国有上市公司为样本,测度各企业混合所有制改革后的投资效率变化,并运用配对样本T检验实证和多元线性回归模型进行分析。结果发现,混改后国有企业投资效率得到了一定程度的提高;由绝对控股变为相对控股方式的混改国企投资效率提高最为显著;机构投资者与国有企业投资效率呈正比。文章丰富了非投资效率研究的理论知识,并对混合所有制经济进一步发展提出了放宽非公资本进入门槛、保障非公资本话语权、大力引进机构投资者以促进国企发展的政策建议。Taking the A share listed state owned companies in Shanghai and Shenzhen stock ex changes from 2008 to 2015 as the sample, the paper measured the investment efficiency of mixed own ership reform enterprises during the period from 2010 to 2014, using a paired sample T test to empiri cally analyze the changes in investment efficiency before and after the mixed reform of state owned en terprises. A multivariate linear regression model was constructed to explore the effect of the holding method and the proportion of institutional investors on the investment efficiency of mixed state owned enterprises. As a result, it has been found that the investment efficiency of state owned enterprises has been improved in a certain extent after the mixed reform. The mixed state owned enterprises have improved their investment efficiency from absolute holding to relative holding, the higher the share holding of institutional investors, the higher the efficiency of state owned enterprises. These studies not only enrich the theoretical knowledge of non investment efficiency research, but also have certain practical significance for the mixed ownership reform of state owned enterprises.

关 键 词：混合所有制改革 国有企业 投资效率 控股方式 机构投资者持股比例 

分 类 号：F12[经济管理—世界经济]