国有企业混合所有制改革“混多少”更好?——国企混改对企业绩效影响的实证分析及机制研究  

To What Extent Mixed Ownership in State-Owned Enterprises Need to be reformed?Empirical Analysis and Mechanism Study on the Impact of State-Owned Enterprise Mixed Reform on Enterprise Performance

作　　者：胡仁昆 HU Renkun

机构地区：[1]湖北长江产业资产经营管理有限公司,湖北武汉430070

出　　处：《决策与信息》2024年第8期77-87,共11页Decision & Information

摘　　要：国有企业混合所有制改革是国资管理体制深化改革的重要举措,是实现经济社会高质量、可持续发展的必要保障。基于2011-2022年上市国企的面板数据,采用多期双重差分模型,实证检验混合所有制改革对国有上市公司企业绩效的提升作用后发现:1.混改显著提升上市国企的企业绩效;2.混改力度越大对企业绩效提升作用越不显著,国企实施混改要特别重视“如何混,混多少好”,谨防混改中转移国企控制权;3.国企负债水平对混改提升企业绩效的调节作用明显,国企负债水平越高,其混改对企业绩效提升的作用越明显;4.国企混改对企业绩效的提升效果在经营风险低的企业比经营风险高的企业显著;5.混改提升企业绩效的渠道有企业创新和公司治理,企业创新通过研发投入和研发人力提升企业绩效,公司治理通过管理费用对企业绩效施加影响。The mixed ownership reform of state-owned enterprises is an important measure to deepen the reform of the state-owned assets management system,and is the necessary guarantee to realize the high-quality and sustainable development of national economy and society.By using the panel data of listed state-owned enterprises from 2011 to 2022 and adopts the multi-period differential model to empirically test the effect of mixed ownership reform on the performance of state-owned listed companies.The findings are as follows:first,the mixed reform significantly improves the performance of listed state-owned enterprises;Second,the greater the intensity of the mixed reform,the less significant the effect on the improvement of enterprise performance.The implementation of the mixed reform in state-owned enterprises should pay special attention to"how to mix,how much is good",and beware of transferring the control of state-owned enterprises in the mixed reform;Third,the debt level of state-owned enterprises has an obvious moderating effect on the improvement of enterprise performance.The higher the debt level of state-owned enterprises,the more obvious the effect of the mixed reform on the improvement of enterprise performance;Fourth,the improvement effect of the mixed reform on enterprise performance is more significant in enterprises with low operational risk than in enterprises with high operational risk;Fifth,the channels through which the mixed reform improves enterprise performance include enterprise innovation and corporate governance.Enterprise innovation improves enterprise performance through R&D investment and R&D manpower,and corporate governance exerts influence on enterprise performance through management expenses.

关 键 词：国有企业改革 混合所有制改革 上市国企 企业创新 国有资本 

分 类 号：F271[经济管理—企业管理] F276.1[经济管理—国民经济]