非国有股东对国有企业非效率投资的影响研究——基于国有上市企业的经验数据  

Research on the Impact of Non-state Shareholders on Inefficient Investment of State-owned Enterprises.——Empirical Data of State-owned Listed Enterprises

作　　者：孙姝 钱鹏岁 姜薇 SUN Shu;QIAN Peng-sui;JIANG Wei(School of Business, Nanjing Normal University, Nanjing 210023, China)

机构地区：[1]南京师范大学商学院

出　　处：《华东经济管理》2019年第11期134-141,共8页East China Economic Management

基　　金：国家社会科学基金项目"应对军事冲突的中国外汇储备风险防控研究"(13BJY171);江苏高校哲学社会科学研究重大项目"人民币国际化背景下中资银行"走出去"防范国外反洗钱制裁的研究"(2017ZDAXM009);江苏省研究生科研创新计划项目"金融制裁背景下货币权力的非对称性研究"(KYCX18_1153)

摘　　要：从理论上分析,国有企业中的非国有股东可以通过抑制国有大股东侵占中小股东利益、加强对国有企业监管,改善国有企业非效率投资行为。基于此,利用2007-2018年国有上市企业数据实证探究非国有股东对国有企业非效率投资的影响效应。结果表明:在委派高层成员上非国有股东能够显著抑制国有企业的非效率投资行为,但在股权持有比例上非国有股东与国有企业非效率投资的关系并不显著;进一步地,非国有股东参与对意愿性非效率投资的抑制作用更显著;分样本检验结果显示:相较于中央企业,非国有股东更能改善地方国有企业非效率投资问题。本文为进一步明确非国有股东的职能和作用,推进国有企业混合所有制改革提供启示。Theoretically,non-state-owned shareholders in state-owned enterprises can improve the inefficient investment behavior of state-owned enterprises by restraining the large state-owned shareholders from encroaching on the interests of small and medium-sized shareholders and strengthening the supervision of state-owned enterprises. Based on this,this paper empirically explores the impact of non-state-owned shareholders on inefficient investment in state-owned enterprises by using data from 2007-2018 years of state-owned listed companies. The results show that non-state-owned shareholders can significantly inhibit the inefficient investment behavior of state-owned enterprises in terms of appointing senior members,but the relationship between non-state-owned shareholders and inefficient investment of state-owned enterprises is not significant in terms of ownership ratio;furthermore,the participation of non-state-owned shareholders has a more significant inhibitory effect on willingness inefficient investment;the sub-sample test results show that compared with the central enterprises,nonstate-owned shareholders can better improve the inefficient investment of local state-owned enterprises. This paper provides enlightenment for further clarifying the functions of non-state-owned shareholders and promoting the reform of mixed ownership of state-owned enterprises.

关 键 词：非国有股东 非效率投资 国有企业 混合所有制改革 

分 类 号：F276.1[经济管理—企业管理]