国资监管体制改革对国有企业抗风险能力的影响——来自国有资本投资运营公司试点的经验证据  

The Impact of State-owned Assets Regulatory System Reform on Anti-Risk Ability of State-owned Enterprises——Based on the Empirical Analysis of State-owned Capital Investment and Operation Company Pilot

作　　者：和军[1] 张依 He Jun;Zhang Yi

机构地区：[1]辽宁大学经济学院

出　　处：《经济学家》2024年第6期66-75,共10页Economist

摘　　要：推动国资监管体制由“管资产”向“管资本”转变是新一轮国资改革的关键方向。本文基于沪深A股数据,以国有资本投资和运营公司(简称“两类公司”)的组建为切入点,以双重差分模型检验国资监管体制改革对国有企业抗风险能力的影响。研究发现:国资监管体制改革显著提升了国有企业抗风险能力。机制分析表明,其通过全要素生产率增长机制、过度投资抑制机制、“脱实向虚”纠正机制间接提升了国企抗风险能力。异质性分析显示,国资监管体制改革的效应还受行业、区域、公司治理因素影响。行业维度,垄断性、高技术行业的国有企业抗风险能力提升效应更强;区域维度,央企与东部地区国有企业的抗风险能力提升效应更强;公司治理维度,具有较高混改程度、内部控制水平、独立董事比例、股权激励程度的国有企业抗风险能力提升效应更强。Promoting the transformation of state-owned assets regulatory system from asset management to capital management is the key direction of state-owned capital reform in the new era.Based on the sample of A-share listed companies in Shanghai and Shenzhen,this paper constructs a DID model to test the effect of state-owned assets regulatory system reform on the anti-risk ability of state-owned enterprises(SOEs)from the perspective of state-owned capital investment and operation companies.This paper finds that state-owned assets regulatory system reform has significantly improved the anti-risk ability of SOEs.Mechanism analysis shows that,state-owned assets regulatory system reform improves the anti-risk ability of SOEs through total factor productivity growth mechanism,excessive investment inhibition mechanism and reducing financialization mechanism.Heterogeneity analysis shows that the marginal effect of state-owned assets regulatory system reform is affected by industry,region,and corporate governance.In the industry dimension,the anti-risk ability of SOEs in monopolistic or high-tech industries is more affected by state-owned assets regulatory system reform.In the regional dimension,the anti-risk ability of central enterprises and SOEs in the eastern region has a higher improvement effect.In terms of corporate governance,for SOEs with higher levels of mixed ownership reform,internal control,the proportion of independent directors and equity incentive,the antirisk ability improvement effect is more obvious.

关 键 词：国资监管体制改革 抗风险能力 国有资本投资运营公司 双重差分模型 

分 类 号：F276.1[经济管理—企业管理]