混合所有制改革与国企绩效提升——兼论国企的二次混改  

Reform of Mixed Ownership and Performance Improvement of State-owned Enterprises:Also on the Second Mixed Reform of State-owned Enterprises

作　　者：李向荣[1,2] 张洪宝 LI Xiang-rong;Zhang Hong-bao(School of Economics and Management,North University of China,Taiyuan 030051,China;Department of Economics and Management,Lvliang University,Lvliang 033000,China)

机构地区：[1]中北大学经济与管理学院,山西太原030051 [2]吕梁学院经济管理系,山西吕梁033000

出　　处：《经济问题》2021年第12期120-127,共8页On Economic Problems

基　　金：山西省软科学研究计划项目“山西国资国企混合所有制改革模式、路径及政策建议”(2019041016-5);山西省哲学社会科学规划课题“山西省小微企业与区域经济协调发展模式研究”(2020YJ120)。

摘　　要：混合所有制企业中国有股比例普遍较高,"一股独大"现象依然存在。为了充分发挥混合所有制的积极作用,国企"二次混改"势在必行。论述了混合所有制对企业绩效的影响机制;用股权混合度、股权深入性和股权集中度描述混合所有制改革程度;运用面板数据模型和门槛回归模型分析与验证混合所有制积极作用的发挥条件。结果表明:较低的股权混合度对企业绩效有促进作用,但是当股权混合度超过门槛值,则会对企业绩效产生明显的负面影响;股权深入性对企业绩效存在单门槛效应,第一大非国有股东的持股比例大于14%时,才能有效发挥其积极治理作用;股权集中度与企业绩效呈倒"U"型关系,适度的股权集中度利于国有企业绩效的改善。The proportion of state-owned shares in mixed-ownership enterprises is generally high,and the phenomenon of“one share dominating”still exists.In order to give full play to the positive effects of mixed ownership,“the second mixed reform”of state-owned enterprises is imperative. This article discusses the influence mechanism of mixed ownership on corporate performance,and describes the degree of mixed ownership reform with equity mix,equity depth and equity concentration,and uses panel data model and threshold regression model to analyze and verify the conditions for the positive effects of mixed ownership.The results show that:a low degree of equity mixing can promote corporate performance,but when the degree of equity mixing exceeds threshold value,it will have a significant negative impact on corporate performance.The depth of equity has a single threshold effect on corporate performance.Only when the largest non-state-owned shareholder holds more than 14%,it can effectively play the active governance role.Equity concentration and corporate performance have an inverted“U”-shaped relationship,and moderate equity concentration is conducive to the performance improvement of stateowned enterprises.

关 键 词：混合所有制 企业绩效 影响机制 二次混改 

分 类 号：F121.24[经济管理—世界经济]