混改中的企业战略变革:来自多个大股东股权结构的影响  

Corporate Strategic Change in Mixed Ownership Reform:The Impact of Multiple Majority Shareholder Equity Structures

作　　者：赵峰[1] 何欣怡 马光明[2] Zhao Feng;He Xinyi;Ma Guangming

机构地区：[1]北京工商大学经济学院 [2]中央财经大学国际经济与贸易学院

出　　处：《财经科学》2023年第12期98-115,共18页Finance & Economics

基　　金：国家自然科学基金项目“政治关联情境下的风险与组织衰亡问题研究”(71562025)的资助。

摘　　要：本文从战略变革视角,研究了国有企业引入多个大股东的股权结构对其战略变革的影响作用。研究发现,国有企业的多个大股东股权结构会通过提高风险承担水平、优化公司治理机制和增加高管薪酬业绩敏感性三条渠道来促进战略变革。进一步研究发现,对于竞争类国有企业、市场化程度较高地区的国有企业,引入多个大股东对其战略变革的促进作用更强,但这一效应在中央国有企业和地方国有企业之间不存在明显差别。此外,多个大股东所产生的战略变革效应能显著促进国有企业高质量发展。本文研究表明,国有企业“混改”所形成的多个大股东股权结构产生了“鲶鱼效应”,激发国有企业活力并推动了战略变革,从而促进企业高质量发展。This article studies the impact of introducing multiple major shareholders into the equity structure of state-owned enter-prises on their strategic transformation from the perspective of strategic change.It is found that the equity structure of multiple major-ity shareholders in SOEs will promote strategic change through three channels:increasing the level of risk-taking,optimising the cor-porate governance mechanism and increasing the performance sensitivity of executive compensation.Further research has found that for competitive state-owned enterprises and state-owned enterprises in regions with high marketization,the introduction of multiple major shareholders has a stronger promoting effect on its strategic change,but this effect does not differ significantly between central state-owned enterprises and local state-owned enterprises.In addition,the strategic change effect generated by multiple major share-holders can significantly promote the high-quality development of state-owned enterprises.This study indicates that the equity struc-ture of multiple major shareholders formed by the mixed ownership reform of state-owned enterprises has produced a"catfish ef-fect",stimulating the vitality of state-owned enterprises and promoting strategic change,thus promoting high-quality development of enterprises.

关 键 词：国有企业 混合所有制改革 多个大股东 战略变革 

分 类 号：F275[经济管理—企业管理]