引入国有资本对民营企业经营绩效的影响及作用机制分析  

Analysis of the Impact and Role Mechanism of Introducing State-owned Capital on the Business Performance of Private Enterprises

作　　者：沈开艳[1] 刘莎 SHEN Kai-yan;LIU Sha(Institute of Economics,Shanghai Academy of Social Sciences, 200020)

机构地区：[1]上海社会科学院经济研究所,200020

出　　处：《上海经济研究》2024年第5期86-98,共13页Shanghai Journal of Economics

摘　　要：本文利用2004-2020年间A股上市公司相关数据,使用多期双重差分模型实证研究了引入国有资本对民营企业经营绩效的影响及其作用机制。本文实证结果显示,引入国有资本对民营企业经营绩效具有提升作用;机制分析表明,民营企业通过引入国有资本,优化了与国有金融机构以及政府的关系,通过缓解融资约束、降低融资成本以及获取财政补助等机制形成的“资源效应”,产生了对经营绩效的提升作用。本文的进一步研究发现,引入国有资本后,控制权转移与否会对企业经营绩效表现产生影响,具体来说,在引入国有资本股东后,仍然为非国有股东控股的情形下,引入国有资本对企业经营绩效有更为显著的正向影响。本文的研究为引入国有资本对民营企业经营绩效的影响提供了经验证据,也为在我国现有金融体制及财政体制下,推进混合所有制改革,促进各种类型经济组织更好地利用要素资源,提供了参考。This paper empirically investigates the impact of the introduction of state-owned capital on the business performance of private enterprises and its mechanism using a multi-period double-difference model with the relevant data of A-share listed companies during the period of 2004-2020.The empirical results of this paper show that the introduction of state-owned capital has an upgrading effect on the business performance of private enterprises;the mechanism analysis shows that the introduction of state-owned capital by private enterprises optimizes the relationship with state-owned financial institutions and the government,and through the mechanism of easing the financing constraints,lowering the cost of financing,and obtaining financial subsidies and other mechanisms,the formation of the"resource effect",resulting in such an upgrading effect.The introduction of state-owned capital optimizes the relationship with state-owned financial institutions and the government.Further research in this paper finds that after the introduction of state-owned capital,the transfer of control or not will have an impact on the performance of the enterprise,specifically,after the introduction of state-owned capital shareholders,the introduction of state-owned capital is still held by non-state shareholders,the introduction of state-owned capital has a more significant positive impact on the performance of the enterprise.The research in this paper provides empirical evidence for the impact of the introduction of state-owned capital on the business performance of private enterprises,and also provides a reference for promoting mixed ownership reform and better utilization of factor resources by various types of economic organizations under the existing financial system and fiscal system in China.

关 键 词：混合所有制改革 引入国有资本 民营企业 经营绩效 资源效应 

分 类 号：F061.2[经济管理—政治经济学]