非国有资本参股与国企全要素生产率  

Non-State Capital Participation and Total Factor Productivity of State-Owned Enterprises

作　　者：钱红光 邓立 QIAN Hongguang;DENG Li(School of Economics and Management,Hubei Univ.of Tech.,Wuhan 430068,China)

机构地区：[1]湖北工业大学经济与管理学院,湖北武汉430068

出　　处：《湖北工业大学学报》2024年第3期18-23,共6页Journal of Hubei University of Technology

摘　　要：混合所有制改革是实现国有企业全要素生产率的重要途径。利用2013-2022年A股国有上市公司为研究样本,实证研究非国有资本参股对国有企业全要素生产率影响。研究结果表明,非国有资本参股对国有企业全要素生产率有正向促进作用;机制检验表明,非国有资本参股主要通过缓解政策性负担、提高技术创新以及促进高管薪酬激励三条路径作用于国企全要素生产率;进一步异质性分析表明,在低杠杆、完善制度环境及高管理者能力企业中,非国有资本参股对国企全要素生产率促进作用更显著。Mixed ownership reform is an important way to achieve the total factor productivity of state-owned enterprises.This paper empirically studies the impact of non-state-owned capital participation on the total factor productivity of state-owned enterprises by using Shanghai-Shenzhen A-share listed companies from 2013 to 2022 as research samples.The results show that the participation of non-state capital has a positive effect on the total factor productivity of state-owned enterprises,and the result is more significant when the participation of non-state capital exceeds 10%.The mechanism test shows that non-state-owned capital participation mainly affects the total factor productivity of state-owned enterprises through three ways:easing policy burden,improving technological innovation and promoting executive compensation incentives.Further heterogeneity analysis shows that in enterprises with low leverage,perfect institutional environment and high management ability,non-state-owned capital participation has a more significant promoting effect on the total factor productivity of state-owned enterprises.

关 键 词：非国有资本参股 全要素生产率 政策性负担 技术创新 高管薪酬激励 

分 类 号：F276.1[经济管理—企业管理]