产权权利束分割与企业数字化转型——基于中央企业分红权激励试点的准自然实验  

Partitioning of Property Rights and the Digital Transformation of Central State-owned Enterprises:Based on the Quasi-natural Experiment of the Bonus Incentives Reform

作　　者：马新啸 黄晓珊 王心蕊 Ma Xinxiao;Huang Xiaoshan;Wang Xinrui

机构地区：[1]中国海洋大学管理学院、中国企业营运资金管理研究中心 [2]广州南方学院会计学院 [3]陕西师范大学生命科学学院

出　　处：《财经科学》2024年第4期62-77,共16页Finance & Economics

基　　金：山东省社会科学规划青年研究项目“国有产权权利束分割赋能山东国企高质量发展研究”(23DJJJ26)的资助。

摘　　要：数字化转型对激发微观主体生产动能和推动宏观经济高质量发展至关重要,如何有效促进企业的数字化转型成为新时代全面深化国企改革的关键环节。基于中央企业分红权激励改革(148号文)的准自然实验,本文系统考察产权权利束分割对中央企业数字化转型的影响及作用机理。研究发现:分红权激励改革能够提升雇员工作努力程度、提高团队协作水平以及强化监督,从而推动试点央企的数字化转型;经济意义测算表明,相较于非试点央企,试点央企的数字化转型程度平均提升43.5%。进一步研究表明,前述效果一方面需要坚实的人才基础支撑,在人才培养水平和居住环境较好的中央企业中更为明显;另一方面则能促进相对落后央企更好成长,在行业发展较差和产业链不确定性较强的中央企业中更为突出。最后,在分红权激励改革推动央企数字化转型后,中央企业的生产效率和产品市场竞争地位均得到有效提升。本文结论表明,产权权利束分割能够形成国企发展与员工成长良性互动的社会成效,实现“劳资共赢,共同富裕”的中国式现代化目标,这不仅对数字化转型和产权权利束分割的学术研究作出重要拓展,而且为决策层统筹擘画国资国企改革以及“在高质量发展中促进共同富裕”提供政策参考。Digital transformation is crucial to stimulate the production momentum of microeconomic entities and promote the highquality development of macroeconomy.How to effectively promote the digital transformation of central state-owned enterprises has become a key link to comprehensively deepen the reform of state-owned enterprises in the new era.Based on the quasi-natural ex⁃periment of bonus incentives reform in central government-owned enterprises(No.148),this paper systematically explores the effect and mechanism of partitioning of property right on the digital transformation of central state-owned enterprises.The paper shows that the bonus incentives reform can promote the digital transformation of the pilot central government-owned enterprises by improving the efforts of employees,improving the level of team cooperation and strengthening the supervision.Economic significance measure⁃ment shows that after the reform of bonus incentives,compared with non-pilot central government-owned enterprises,the degree of digital transformation of pilot central government-owned enterprises has increased by 43.5%on average.Further research shows that,on the one hand,the aforementioned effect requires to be supported by solid talent base,which is more obvious in central stateowned enterprises with better talent cultivating level and living environment;on the other hand,the aforementioned effect can pro⁃mote the transformation and development of relatively backward central state-owned enterprises,which is more prominent in central state-owned enterprises with poor industry development and strong industrial chain uncertainty.Finally,after the bonus incentives reform to promote the digital transformation of central state-owned enterprises,the production efficiency and product market competi⁃tive position of central state-owned enterprises have been effectively improved.The conclusion shows that the partitioning of proper⁃ty rights can form the social effect of positive interaction between state-owned enterprise developmen

关 键 词：国有企业 中央企业 数字化转型 产权权利束分割 分红权激励 

分 类 号：F27[经济管理—企业管理]