国企混改与股价信息性:度量、机制及政策评价  

Mixed Ownership Reform of State-Owned Enterprises and Stock Price Informativeness:Measurement,Mechanism and Policy Evaluation

作　　者：陈少凌[1] 俞丹丹 钟嘉颖 CHEN Shao-ling;YU Dan-dan;ZHONG Jia-ying

机构地区：[1]暨南大学经济学院

出　　处：《产经评论》2023年第2期53-79,共27页Industrial Economic Review

基　　金：国家自然科学基金面上项目“中间品贸易自由化对我国企业自主研发和国际研发合作的影响:机理、效应与政策分析”(项目编号:72173055,项目负责人:李杰);国家自然科学基金面上项目“互联网金融冲击下系统流动性风险的传染机制及其监管对策研究:基于匹配博弈模型”(项目编号:72173141,项目负责人:杨海生);国家社会科学基金后期资助项目“中间品贸易自由化与企业研发行为”(项目编号:21FJLB002,项目负责人:李杰);教育部哲学社会科学研究重大课题攻关项目“畅通国内大循环、促进国内国际双循环的市场设计研究”(项目编号:21JZD025,项目负责人:李杰);教育部人文社会科学研究规划基金项目“系统性风险的宏观审慎管理框架研究:基于大数据的复杂网络分析”(项目编号:21YJA790005,项目负责人:陈少凌)。

摘　　要：深化国有企业混合所有制改革是“十四五”规划的重点议题,随着国企改革三年行动进入下半场,资本市场已成为改革重地,混改政策对国有上市公司股价信息效率的影响日益受到关注。借鉴并拓展Bai et al.(2016)提出的股价信息性指标,测度出2003—2020年国有上市公司的股价信息性,然后检验国企混改对股价信息性的影响。实证结果表明:第一,混改能够显著提升国有上市公司的股价信息性,其中,提高非国有股东参股程度和增强股权融合度带来的股权结构改善与非国有股东委派高管带来的高层治理改进均有助于提高股价信息性,但股权多样性未能产生显著作用。第二,混改对股价信息性的影响存在股权性质与行业竞争度的异质性,对于央企和位于低竞争行业的国有上市公司来说,其股价信息性的提升仅与混改带来的高层治理改进显著相关。第三,股权结构维度的混改能够通过治理效应和减负效应提高国有上市公司的股价信息性,而非国有股东委派高管主要发挥了治理效应。最后,基于合成双重差分法发现,超过四成的国有上市公司股价信息性在混改后有所上升,特别地,高竞争行业、经济发展水平和市场化水平较高的地区以及中部和东部沿海地区的改善效果更为明显。由此可见,评估资本市场对国企资产的定价效率,对于深化与细化随后的改革工作无疑有着重要的参考价值。Deepening the mixed ownership reform of state-owned enterprises is the key issue of the“14th Five-Year Plan”.As the three-year action of state-owned enterprise reform entering the second half,the capital market has become a focus of reform.The influence of reform polices on the stock price informativeness of state-owned enterprises has attracted more and more attention.In this context,this paper draws on and extends the stock price informativeness index proposed by Bai et al.(2016)to measure the stock price informativeness of state-owned listed companies from 2003 to 2020,and then examines the effect of the mixed ownership reform on stock price informativeness.The empirical results show that:First,the mixed ownership reform can significantly improve the stock price informativeness of state-owned listed companies.Among them,the improvement of ownership structure brought about by increasing the degree of non-state-owned shareholders participation and enhancing the degree of equity integration and the improvement of high-level governance brought about by non-state-owned shareholders appointment of executives are both helpful to improve the stock price informativeness,but the diversity of ownership does not have a significant effect.Second,the impact of mixed ownership reform on stock price informativeness is heterogeneous in the nature of equity and the degree of industry competition.For central state-owned listed companies and state-owned listed companies located in low-competition industries,the improvement of their stock price informativeness is only significantly related to the improvement of high-level governance brought about by mixed ownership reform.Third,the equity structure dimension of the mixed ownership reform can improve the stock price informativeness of state-owned listed companies through governance effect and burden lightened effect,and non-state-owned shareholders appointed senior executives mainly play the governance effect.Finally,based on a Synthetic Difference-in-Differences method,this pa

关 键 词：混合所有制改革 股价信息性 股权结构 高层治理改进 合成双重差分法 

分 类 号：F062.9[经济管理—政治经济学]