混合所有制改革如何提高国有企业竞争力?  

How Can the Mixed Ownership Reform Improve the Competitiveness of SOEs?

作　　者：王运陈 左年政 谢璇 WANG Yunchen;ZUO Nianzheng;XIE Xuan(Fudan University,Shanghai 200433;Sichuan Agricultural University,Chengdu 611130;Southwestern University of Finance and Economics,Chengdu 611130)

机构地区：[1]复旦大学工商管理博士后流动站,200433 [2]四川农业大学管理学院,成都611130 [3]西南财经大学会计学院,成都611130

出　　处：《经济与管理研究》2020年第4期49-61,共13页Research on Economics and Management

基　　金：国家社会科学基金青年项目“高管权力约束情景下国有企业党委治理功能实现路径与保障机制研究”(18CGL016);国家自然科学基金青年科学基金项目“基于货币政策动态演化的公司融资行为研究”(71702209);四川省农村发展研究中心青年项目“乡村振兴视野下的农民专业合作社财务治理评价及政策优化研究”(CR1818)。

摘　　要：本文以“三层次-两维度”为框架研究混合所有制改革引入非公有资本如何提高国有企业竞争力。以2008—2017年A股国有控股上市公司为样本,实证检验发现:(1)引入非公有资本有助于提高国有企业竞争力;(2)外资产权和金融机构投资者能够有效提高国有企业竞争力;(3)进一步分析“混多少”的问题发现,外资资本和金融机构投资者的持股比例与企业竞争力呈倒“U”型关系。研究表明,国有企业在产权方面应优先考虑混合外资资本,在投资者类型上优先考虑金融机构投资者,但也要做到一企一策,理解混合资本的作用机理,把握好改革的力度以充分发挥其优势。This paper takes“three levels and two dimensions”as the framework to discuss the impact of mixed ownership reform on the competitiveness of SOEs.Empirical tests of the data of A-share state-owned listed companies from 2008 to 2017 shows that the introduction of non-public capital can enhance the competitiveness of SOEs;specifically,foreign property and financial institutional investors can effectively improve the competitiveness of SOEs;further analysis of the“how much to mix up”problem shows that the proportion of foreign capital and financial investors’shares has an inverted“U”relationship with the competitiveness of enterprises.The empirical evidence suggests that SOEs should give priority to mix foreign capital in terms of property rights and financial institutional investors in terms of types of investors,but they also need to implement one-enterprise-one-strategy,as well as understand the mechanism of mixed capital,and control the intensity of reform to give full play to the advantages of mixed capital.

关 键 词：混合所有制 国有企业 企业竞争力 产权性质 投资者类型 

分 类 号：F276.1[经济管理—企业管理]