竞争对手混合所有制结构与上市公司投资效率提升——兼论“混改”的外部性  

Mixed Ownership Structure of Peer Firms and Investment Efficiency of Listed Enterprises

作　　者：姚文韵[1] 钱宇航 徐巍 Yao Wenyun;Qian Yuhang;Xu Wei

机构地区：[1]南京财经大学会计学院,南京210023

出　　处：《南京社会科学》2024年第3期52-66,共15页Nanjing Journal of Social Sciences

基　　金：国家自然科学基金面上项目“上市公司强制退市的竞争对手溢出效应——资本市场和产品市场双重视角的实证研究”(72372066)的阶段性成果。

摘　　要：混合所有制经济是社会主义基本经济制度的重要实现形式。本文从企业之间的竞争关系出发,实证检验了竞争对手混合所有制结构对上市公司投资效率的影响。研究结果显示,竞争对手混合所有制结构显著提高了上市公司的投资效率;竞争机制是这一影响产生的主要路径。异质性分析表明,竞争对手混合所有制结构对上市公司投资效率的影响,在上市公司产权性质方面没有显著差异,但在上市公司竞争压力更大、董事长与总经理非两职合一以及分析师关注程度更高时更显著。进一步分析表明,竞争对手混合所有制结构通过抑制过度投资和缓解投资不足两个方面同时提高了企业的投资效率。由此可见,混合所有制改革存在一定的外部性,因此需要在混合所有制推动和发展过程中统筹资本市场和产品市场两侧,提高上市公司质量。Mixed ownership economy is an important form of realizing the basic socialist economic system.Most existing studies discuss the consequences and value of mixed ownership structure from the perspective of mixed-ownership enterprises.However,there is no direct answer from theoretical or empirical studies on how the introduction and diffusion of mixed ownership will affect other companies and even the overall operation of market economy.Starting from the competition relationship between enterprises,this paper empirically tests the influence of the mixed ownership structure of competitors on the investment efficiency of listed enterprises.The main findings are as follows:the mixed ownership structure of competitors significantly improves the investment efficiency of listed enterprises.Competition mechanism is the main mechanism of this influence.Heterogeneity analysis shows that this influence has no significant difference in state owned enterprises and non-state-owned enterprises.However,it is more significant when the competitive pressure of listed companies is greater,the chairman and the general manager are not in one and the analysts are more concerned.Further analysis shows the mixed ownership structure of competitors can improve the investment efficiency of enterprises by restraining over-investment and alleviating under-investment.In theory,this study provides evidence for the economic consequences of mixed ownership that dffers from existing research.In practice,the findings of this study show that mixed ownership reform has certain externalities,so it is necessary to coordinate both the capital market and the product market in the process of promoting and developing mixed ownership,and improve the quality of listed companies.

关 键 词：混合所有制 股权结构 竞争对手 投资效率 外部性 

分 类 号：F721[经济管理—产业经济]