混合所有制、股权结构与管理效率——基于国有上市企业的实证分析  

Mixed Ownership,Equity Ownership Structure and Managerial Efficiency——An Empirical Study Based on State-owned Listed Companies in China

作　　者：钱红光 刘岩 乐红艳 QIAN Honguang;LIU Yan;LE Hongyan(School of Economics and Management,Hubei Univ.of Tech.,Wuhan 430068,China;Finance Office,Hubei Univ.of Tech.,Wuhan 430068,China)

机构地区：[1]湖北工业大学经济与管理学院,湖北武汉430068 [2]湖北工业大学财务处,湖北武汉430068

出　　处：《湖北工业大学学报》2019年第6期24-28,48,共6页Journal of Hubei University of Technology

摘　　要：混合所有制改革是提高我国国有企业国际竞争力的重要举措,其核心是合理配置股权结构,提高混合所有制企业的管理效率。以2011-2016年240家A股国有上市企业为研究对象,从不同性质参股股东持股比例和股权集中度两个维度,实证分析混合所有制企业股权结构对管理效率的影响。结果显示:国有参股股东持股比例与管理效率呈负相关;民营股东持股比例与管理效率之间相关性不显著;金融机构类股东持股比例与管理效率呈正相关;股权集中度与管理效率呈倒"U"型曲线关系。The reform of mixed ownership of state-owned enterprises is an important measure to improve the international competitiveness of state-owned enterprises in China.The core purpose is to reasonably allocate the ownership structure and improve the management efficiency of the mixed ownership enterprises.This paper made an empirical analysis of the effects of non-controlling shareholders(NCS)on managerial efficiency,and the relationship between the equity ownership structure of mixed ownership firm and managerial efficiency,based on the data of the 240 state-owned listed companies in China from 2011 to 2016.The results show that the proportion of the state-owned NCS is significantly negatively correlated with the managerial efficiency;the proportion of the private-owned NCS is not significantly correlated with the managerial efficiency;the proportion of the finance-owned NCS is significantly positively correlated with the managerial efficiency;the ownership concentration has a reverse"U"relationship with managerial efficiency.

关 键 词：混合所有制 股权结构 管理效率 

分 类 号：F275[经济管理—企业管理]