绝对控股、相对控股与国企混改效率  

Absolute Holding, Relative Holding and Efficiency of Mixed Ownership Reform in State-owned Enterprises

作　　者：潘胜文[1] 邵胜 刘梦晓 PAN Shengwen;SHAO Sheng;LIU Mengxiao(School of Economics and Business Administration,Central China Normal University,Wuhan Hubei 430079,China)

机构地区：[1]华中师范大学经济与工商管理学院,湖北武汉430079

出　　处：《北京理工大学学报（社会科学版）》2020年第6期52-64,共13页Journal of Beijing Institute of Technology：Social Sciences Edition

基　　金：国家社会科学基金重点项目“基于政府管制视角的垄断行业性质及分类改革探索”(14AJL005)。

摘　　要：在混合所有制改革进程中,如何有效提升国有企业效率以做强、做优、做大国有资本是新时代国有企业混合所有制改革的关键环节。基于2008—2018年国有上市公司的非平衡面板数据,分别在绝对控股和相对控股企业中关于混合所有制改革对企业全要素生产率进行实证检验,考察国有控股程度对企业混合所有制改革效率的影响。结果发现:整体而言,混合所有制改革在一定程度上提升了企业效率,且相对控股的治理模式比绝对控股更有利于企业混合所有制改革效率的提升。而基于行业竞争程度的分组检验显示,在垄断行业中,绝对控股的治理模式优于相对控股。进一步分析表明,与市场化程度较低地区相比,市场化程度较高地区的混合所有制改革对企业效率提升更大。In the process of mixed ownership reform, how to effectively improve the efficiency of state-owned enterprises in order to strengthen, optimize and enlarge state-owned capital is the key link of mixed ownership reform of state-owned enterprises in the new era. Based on the unbalanced panel data of state-owned listed companies from 2008 to 2018, an empirical test was conducted on mixed ownership reform on enterprise total factor productivity in absolute holding and relative holding enterprises respectively, to investigate the impact of state-owned holding degree on the efficiency of mixed ownership reform. The results show that, on the whole,the reform of mixed ownership improves the efficiency of enterprises to a certain extent, and the governance mode of relative holding is more conducive to the improvement of the efficiency of mixed ownership reform than absolute holding. The grouping test based on the degree of competition in the industry shows that in the monopoly industry, the governance mode of absolute holding is better than that of relative holding. Further analysis shows that, compared with the areas with lower degree of marketization, the reform of mixed ownership in areas with higher degree of marketization has a greater impact on the efficiency of enterprises. The research results not only reveal the role of mixed ownership reform in promoting the efficiency of state-owned enterprises, but also specifically locate the effective holding position of state-owned enterprises and the micro areas in which the mixed ownership reform is further promoted.

关 键 词：国有企业 混合所有制改革 绝对控股 相对控股 

分 类 号：F272[经济管理—企业管理]