非国有股东能抑制国有企业的过度投资水平吗?——来自国有竞争类上市公司的经验证据  

Can Non-state Shareholders Restrain Over-investment in State-owned Enterprises? Empirical Evidence from State-owned Listed Companies in Competition

作　　者：谢海洋[1] 曹少鹏 Haiyang Xie;Shaopeng Cao

机构地区：[1]郑州航空工业管理学院会计学院

出　　处：《会计论坛》2018年第2期19-38,共20页Accounting Forum

基　　金：河南省社科联、河南省经团联2018年度调研课题(SKL-2018-3266);郑州航空工业管理学院研究生教育创新计划基金(2017CX001)

摘　　要：本文章以2010~2016年沪深A股竞争类国有上市公司为研究对象,从股权结构和高层治理两个角度,实证检验了非国有股东对国有企业过度投资水平的影响。研究结果表明:(1)非国有股东可以抑制国有企业的过度投资水平,非国有股东持股比例越高,国有企业过度投资水平越低;非国有股东的抑制作用在市级国有企业中更加显著;(2)非国有股东派任董监高与国有企业的过度投资水平显著负相关;非国有股东派任董监高的人数越多,国有企业过度投资水平越低;单独来看,非国有股东派任董事的治理作用更加显著;(3)进一步研究发现,非国有股东中机构投资者持股比例越高、派任董监高,国有企业过度投资水平越低。This article uses the 2010~2016 state-owned listed companies in Shanghai and Shenzhen A-share competition as the research object,and empirically tests the impact of non-state-owned shareholders on the level of over-investment in state-owned enterprises from the angle of ownership structure and high-level governance.The results show that:(Ⅰ)Non-state-owned shareholders can restrain the over-investment of state-owned enterprises;the higher the proportion of non-state-owned shareholders is,the lower the level of over-investment of state-owned enterprises;the inhibitory effect of non-state-owned shareholders is more significant in municipal state-owned enterprises;(Ⅱ)The non-state-owned shareholder s appointment as director and supervisor has a significantly negative correlation with over-investment of state-owned enterprises;the more non-state-owned shareholders have been appointed as directors,supervisors and senior managers,the lower the level of over-investment of state-owned enterprises;(Ⅲ)Further research finds that among the non-state-owned shareholders,the higher the proportion of institutional investors,the higher the number of non-state-owned shareholders,the higher the level of directors,supervisors and senior managers,the lower the level of over-investment in state-owned enterprises.

关 键 词：非国有股东 派任董监高 过度投资 混合所有制改革 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]