“混合所有”的股权结构提升了国有企业投资效率吗?——基于2008—2020中国上市公司的数据  

Does the equity structure of “mixed ownership” improve the investment efficiency of state-owned enterprises?——Based on data of listed companies in China from 2008 to 2020

作　　者：夏秀芳[1] J.Daniel Chi 王京[3] Xia Xiufang;J.Daniel Chi;Wang Jing

机构地区：[1]青岛理工大学商学院,山东青岛266520 [2]University of Nevada,Las Vegas,Lee Business School,Las Vegas,NV 89154,USA [3]中国海洋大学管理学院,山东青岛266100

出　　处：《东岳论丛》2023年第2期99-110,192,共13页DongYue Tribune

基　　金：山东省社科规划项目“基于不同混改模式的山东国有企业治理效率提升研究”(项目编号:21CGLJ11);山东省自然科学基金项目“‘双向混改’视角下山东省企业绿色技术创新驱动机制与提升路径研究”(项目编号ZR2022QG028)。

摘　　要：混合所有制改革的首要动机是提高国有企业的资本效率,投资是企业重要的价值增值活动,国有企业混合所有制改革对公司绩效(ROA)的影响得到了学术界的广泛关注。有关混改对国有企业投资效率的影响,国内少量文献着重分析了混改对国企“非效率投资”(包括过度投资和投资不足)的影响,但国企混改所强调的“效率”更侧重的是投入产出比的概念,目前尚无基于这一视角的研究。本文首次从投入产出的视角分析了“混合所有”的股权结构对国有企业投资效率的影响,并从投入和产出的两个角度进行了混改影响投资效率的路径分析。实证分析结果表明:非国有股东持股比例与国有企业投资效率存在倒U型关系,前十大股东中非国有股份的持股比例约为20%时,“混合所有”的股权结构对国有企业投资效率的提升作用达到了最大。研究结论既支持了不同性质股权的资源协同和互补效应,同时也支持了制衡理论的权利纷争负效应。这一结论为混改优化国有企业股权结构、完善公司治理结构提供了重要的事实依据和政策启示。The primary motivation of the reform of mixed ownership is to improve the capital efficiency of state-owned enterprises. Investment is an important value-added activity of enterprises. The impact of the reform of mixed ownership of state-owned enterprises on corporate performance(ROA) has been widely concerned by the aca-demic community, A small number of domestic literatures focus on the impact of mixed reform on “inefficient investment”(including over-investment and underinvestment) of state-owned enterprises with Richardson(2006) regression model. The “efficiency” emphasized by the mixed reform of state-owned enterprises focu-ses more on the concept of input-output ratio, but there is no research based on this perspective at present. This paper analyzes the impact of “mixed ownership” equity structure on the investment efficiency of state-owned enterprises from the perspective of input and output for the first time, and analyzes the path of the impact of mixed ownership on investment efficiency from the perspective of input and output. The research conclusion not only supports the resource synergy and complementarity effect of different nature of equity, but also supports the negative effect of power disputes in the theory of checks and balances. The empirical analysis results show that when the shareholding ratio of non-state-owned shares among the top ten shareholders is about 20%, the equity structure of “mixed ownership” has the greatest effect on improving the investment effi-ciency of state-owned enterprises. This research conclusion provides important factual basis and policy inspira-tion for the reform of mixed ownership to optimize the equity structure of state-owned enterprises and improve the corporate governance structure.

关 键 词：混合持股 投资效率 资本成本 投资收益率 国有企业 混合所有制 股权结构 

分 类 号：F276.1[经济管理—企业管理]