国企“混改”、双重效应与企业价值:来自上市国企的经验证据  

The Double Effect of Mixed Ownership Reform on SOE Valuation:Evidence from China

作　　者：陈云桥 郝晗 YUNQIAO CHEN;HAN HAO(School of economics and management,Yan'an University)

机构地区：[1]延安大学经济与管理学院

出　　处：《产业经济评论》2023年第6期101-116,共16页Review of Industrial Economics

基　　金：国家社科基金一般项目“数字技术驱动下的我国人口分布转型研究”(21BRK033);陕西省政府研究室重点课题研究项目“我省上市企业加强金融风险防范推动高质量发展研究”(2022HZ1560);延安大学研究生教育创新计划项目“混改背景下控制权配置与公司绩效的区间效应研究——基于实证与案例相结合的方法”(YCX2021042)。

摘　　要：混合所有制改革是我国深化改革的重要内容,国企“混改”是提升国有经济影响力的有效途径。本文基于2010—2020年上市国有企业前十大股东的股权性质和持股比例数据,从“质”和“量”的双重角度探究国企“混改”对企业价值的影响,并从“治理效应”和“减负效应”两个层面考察其作用机理。研究发现:从影响结果来看,国企“混改”形成的股权融合能够显著提升企业价值,而简单的股权多元化缺乏相应的提升作用。从影响程度来看,外资股东和机构投资者参股能够提升企业价值,且参股越多,企业价值提升越高。从机制检验来看,国企“混改”通过发挥“治理效应”和“减负效应”降低管理层代理成本、抑制大股东掏空以及缓解政策性负担,进而提升了企业价值。进一步研究发现,上述作用在地方所属、竞争性行业以及外部制度环境较好地区的国企中更为突出。这一研究不仅丰富了国企“混改”和企业价值的相关学术文献,而且研究结果也表明,国企“混改”应注重从“量”到“质”的突破,分层分类稳步推进。Mixed ownership reform is an important part of deepening reform in China,and the"mixed ownership reform"of state-owned enterprises is an effective way to enhance the influence of state-owned economy.Based on the data of equity nature and shareholding ratio of the top ten shareholders of listed state-owned enterprises from 2010 to 2020,this paper explores the impact of"mixed ownership reform"of state-owned enterprises on enterprise value from the dual perspectives of"quality"and"quantity",and examines its mechanism from the two levels of"governance effect"and"burden reduction effect".The research found that:from the impact results,the equity fusion formed by the"mixed transformation"of stateowned enterprises can significantly enhance the enterprise value,while simple equity diversification lacks the corresponding role.In terms of the degree of influence,the higher the participation of foreign shareholders and institutional investors,the higher the enterprise value.From the perspective of mechanism test,the"mixed ownership reform"of state-owned enterprises has improved the value of enterprises by exerting the"governance effect"and"burden reduction effect"to reduce the agency cost of management,restrain the tunneling of large shareholders and ease the policy burden.Further research found that the above role is more prominent in local,competitive industries and state-owned enterprises in areas with good external institutional environment.This research not only enriched the relevant academic literature on the"mixed transformation"and enterprise value of state-owned enterprises,but also showed that the"mixed transformation"of state-owned enterprises should focus on the breakthrough from"quantity"to"quality",and steadily promote the hierarchical classification.

关 键 词：国企混改 企业价值 治理效应 减负效应 

分 类 号：F275[经济管理—企业管理] F276.1[经济管理—国民经济] F832.51