混合所有制改革、国有股比例与企业价值  

Mixed Ownership Reform, Proportion of State-Owned Shares and Enterprise Value

作　　者：刘莉[1] 任广乾[1] 孙丰铭 LIU Li;REN Guang-qian;SUN Feng-ming(Business School,Zhengzhou University,Zhengzhou 450001,China;Business School,University of Sydney,Sydney 2006,Australia)

机构地区：[1]郑州大学商学院,河南郑州450001 [2]悉尼大学商学院,新南威尔士州,NSW2006

出　　处：《经济体制改革》2021年第1期100-106,共7页Reform of Economic System

基　　金：国家自然科学基金青年项目“混合所有制企业的股东竞合行为及其治理机制研究”(71702171);河南省哲学社会科学规划年度项目“混合所有制改革对河南省国有企业创新行为的影响研究”(2020BJJ056);河南省高等学校重点科研项目“混合所有制改革对河南省国有企业转型升级的影响研究”(21A630028)。

摘　　要：本文选取2014~2019年我国A股国有上市公司为研究对象,探讨了混合所有制改革与国有股比例对企业价值的影响。结果表明,实行了混合所有制改革的国有企业,其企业价值会显著提高,国有股比例与企业价值之间存在倒"U"型关系,进行混合所有制改革的国有企业的国有股比例存在阈值效应,且阈值为28.65%。因此,政府需继续鼓励非国有资本积极参与混合所有制改革,充分遵循市场化原则,推进国有企业去行政化;国有企业需设置合理的股权结构,完善公司法人治理结构,建立有效的内部制衡机制。This paper selects A-share state-owned listed companies in China from 2014 to 2019 as the research object,and discusses the impact of mixed ownership reform and the proportion of state-owned shares on enterprise value.The results show that the state-owned enterprises with mixed ownership reform will significantly improve the enterprise value,there is an inverted"U"relationship between the proportion of state-owned shares and the enterprise value;there is a threshold effect on the proportion of state-owned shares in the state-owned enterprises with mixed ownership reform,and the threshold value is 28.65%.Therefore,the government should continue to encourage non-state-owned capital to actively participate in the mixed ownership reform,fully follow the principle of marketization,and promote the de administration of state-owned enterprises.State owned enterprises need to set up a reasonable ownership structure,improve the corporate governance structure,and establish an effective internal check and balance mechanism.

关 键 词：混合所有制改革 国有股比例 企业价值 

分 类 号：F270[经济管理—企业管理]