非国有资本参股对国企企业风险的影响研究  

Research on the Impact of Non-State-Owned Capital Participation on the Risk of State-Owned Enterprises

作　　者：付佳 蒋彬[1] FU Jia;JIANG Bin(Guangdong Vocational College of Mechanical and Electrical Engineering,510515,Guangzhou,Guangdong,China)

机构地区：[1]广东机电职业技术学院,广东广州510515

出　　处：《特区经济》2022年第9期37-42,共6页Special Zone Economy

基　　金：广东省普通高校重点科研平台和科研项目“公司战略对税收规避决策的影响研究”(20T5CX16);2022年云浮市社科课题“云浮市促进营商环境改革建设的政策体系研究”(2022云社研[34]号);2021校级科研项目“企业税收规避对其银行信贷的影响及其机制和经济后果检验”(YJZD2021-61)。

摘　　要：本文利用2007—2020年间中国A股上市公司作为研究样本,探讨非国有资本参股与国企企业风险之间的关系。本文的研究结果表明:非国有资本参股会加大国企企业风险,党的十八届三中全会后进一步加强了非国有资本参股对国企企业风险的影响,中介效应模型分析发现非国有资本参股会通过提高企业创新而加剧国企企业风险,并且非国有资本参股主要影响国企创新风险中的企业产品的不确定性和突破性技术的不确定性。本文的研究结果有助于进一步思考混合所有制改革后的一些注意事项,并且对国有企业管理层和政府部门均具有较强的启示作用。This paper uses China’s A-share listed companies from 2007 to 2020 as a research sample to explore the relationship between non-state-owned capital participation and enterprise risk of state-owned enterprises.The research results of this paper show that the participation of non-state-owned capital will increase the risk of state-owned enterprises.After the Third Plenary Session of the 18th CPC Central Committee,it promotes the impact of non-state-owned capital participation on the risk of state-owned enterprises.The analysis of intermediary effect model shows that the participation of non-state-owned capital increases the risk of state-owned enterprises by improving enterprise innovation,Moreover,the participation of nonstate-owned capital mainly affects the uncertainty of enterprise products and breakthrough technology in the innovation risk of state-owned enterprises.The research results of this paper help to further think about some precautions after the mixed ownership reform,and have a strong enlightenment to the management of state-owned enterprises and government departments.

关 键 词：非国有资本参股 企业风险 创新 十八届三中全会 

分 类 号：F270.7[经济管理—企业管理]