国有企业混合所有制改革效应评估及其实现路径  

Evaluation of the Effect of Mixed Ownership Reform of State-owned Enterprises and Its Realization Route

作　　者：祁怀锦[1] 刘艳霞 王文涛[2] Qi Huaijin;Liu Yanxia;Wang Wentao

机构地区：[1]中央财经大学会计学院 [2]中央财经大学工商管理博士后流动站

出　　处：《改革》2018年第9期66-80,共15页Reform

基　　金：财政部"会计名家培养工程"项目"中国国有企业混合所有制改革研究"的阶段性成果

摘　　要：基于我国A股国有上市公司2008～2017年的经验数据,考察国有企业混合所有制改革的效应。结果发现,混合所有制改革通过促进不同股权性质的资本进行有效融合,提升公司治理水平,进而促进国有资产保值增值。其具体实现路径为:通过降低企业过度投资及投资不足水平,进而提升企业投资效率;通过提升高管薪酬-业绩敏感性,强化激励效果。进一步检验发现,混合所有制改革对国有资产保值增值的促进作用在国有股控股、非国有股东持股比例介于1/3至2/3之间、垄断行业和经济政策不确定性较低的情境下更显著。We use A-shared listed state-owned enterprises in China from 2008 to 2017, investigating the effect of mixed ownership reform on value maintenance and appreciation of state-owned assets. The results show that the mixed ownership reformimproves corporate governance by promoting the different equity capital integrated effectively, and then promotes the value of state-owned assets. Its implementation paths are that the mixed ownership reform not only improves the efficiency of investment by decreasing the degree of overinvestment and underinvestment, but also enhances the incentive effect by promoting the pay-performance sensitivity of executives. Further tests find that the effect of mixed ownership reform on value maintenance and appreciation of state-owned assets is more significant in the contexts of state-controlled enterprises, the share of non-state shareholders between one-third and two-thirds, monopoly industries and low economic policy uncertainty.

关 键 词：混合所有制改革 国有企业改革 国有资产保值增值 

分 类 号：F276.1[经济管理—企业管理] F271[经济管理—国民经济]