董事会治理是否促进了国有企业混合所有制改革?  

Does Board Governance Promote the State-owned Enterprises Mixed Ownership Reform?

作　　者：高明华[1] 刘波波 GAO Ming-hua;LIU Bo-bo(School of Business and Administration,Beijing Normal University 100875)

机构地区：[1]北京师范大学经济与工商管理学院,100875

出　　处：《上海经济研究》2022年第5期41-55,共15页Shanghai Journal of Economics

基　　金：国家社会科学基金重大项目“发展混合所有制经济研究”(批准号:14ZDA025)阶段性成果之一。

摘　　要：董事会治理是国企混改方案设计时首先要考虑的主要问题,尤其是需要深化混改的国有控股上市公司。本文以2014-2019年中国国有控股上市公司为研究对象,利用作者多年主持开发的董事会治理指数和中小投资者权益保护指数,考察了董事会治理对国企混改的影响,并在此基础上,进一步分析了混改对国有资本保值增值的影响。研究发现:(1)董事会治理规范化整体上显著促进了国有企业混合所有制改革;(2)对于不同行政层级和行业竞争程度的国有企业,董事会治理对其混合所有制改革都有显著的促进作用,且对中央国企和垄断性国企的影响更大;(3)进一步研究发现,国企发展混合所有制不仅不会导致国有资本流失,还有利于国有资本保值增值。本研究提供了董事会治理促进国企混改的经验证据,对新时代背景下更大力度推进国企混改具有一定的参考价值。Board governance is the main issue to be considered in the design of mixed-ownership reform schemes of state-owned enterprises, especially the state-holding listed companies that need to deepen the mixed-ownership reform. This paper takes China’s state-owned listed companies from 2014 to 2019 as samples, uses the self-developed board governance index and the rights and interests protection index of small and medium investors to investigate the impact of board governance on the mixed-ownership reform of state-owned enterprises, and on this basis, further analyzes the influence of mixed-ownership reform on the preservation and appreciation of state-owned assets. The results show that board governance has significantly promoted the reform of mixed ownership of state-owned enterprises. For state-owned enterprises with different administrative levels and industrial competition, the board governance has a significant role in promoting the reform of mixed ownership, and has a greater impact on the central state-owned enterprises and monopoly state-owned enterprises. Further study finds that the development of mixed ownership of state-owned enterprises will not lead to the loss of state-owned assets, but also conducive to the preservation and appreciation of state-owned assets. This study provides empirical evidence that board governance promotes mixed-ownership reform of state-owned enterprises, and has a certain reference value for promoting the mixed-ownership reform of state-owned enterprises in the new era.

关 键 词：国有企业 董事会治理 混合所有制改革 决策与监督权 国有资本保值增值 

分 类 号：F276.1[经济管理—企业管理]