混合所有制改革、融资成本和国企去杠杆  

Mixed Ownership Reform,Financing Cost and SOEs Deleverage

作　　者：李伟 欧阳志刚[1] LI Wei;OUYANG Zhi-gang(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]中南财经政法大学金融学院,湖北武汉430073

出　　处：《经济体制改革》2024年第4期90-98,共9页Reform of Economic System

基　　金：国家自然科学基金面上项目“中美经济政策不确定性、科技创新与高质量经济增长”(71973044);国家高层次人才创新创业项目“实体经济对金融风险溢出效应的理论方法与应用研究”(20603);中南财经政法大学研究生科研创新项目“货币政策、生产网络结构变化和跨行业风险传染”(202410582)。

摘　　要：利用2009~2022年国有企业财务数据,研究混合所有制改革对国有企业杠杆率的作用及影响机制。研究表明,混合所有制改革通过融资成本机制、资本回报率机制降低国有企业杠杆率。混合所有制改革降低国有企业杠杆率的原因是负债端减少和权益端增加。引入多种性质的非国有资本、非国有股东委派董事人数均降低国有企业杠杆率;央企混合所有制改革效果优于地方国企。鉴于此,应充分利用混合所有制改革降低国有企业杠杆率这一特征,大力推进国有企业混合所有制改革进程,加快国有资本布局优化和结构调整,降低经济金融风险。国有企业混合所有制改革过程中引入的非国有资本更应遵循“重质非量”的原则,不能盲目追求非国有资本参股种类的多样化。非国有股东可通过委派董事直接参与企业管理决策,充分发挥非国有资本的制衡效应。国有企业混合所有制改革实践应针对不同政府层级控股的企业异质特征而有所侧重,深入推进央企混合所有制改革进程。Using the financial data of state-owned enterprises from 2009 to 2022,this paper studies the effect and mechanism of mixed ownership reform on the leverage ratio of state-owned enterprises.The research shows that the mixed ownership reform reduces the leverage ratio of state-owned enterprises through the financing cost mechanism and the return on capital mechanism.The reason for the mixed ownership reform to reduce the leverage ratio of state-owned enterprises is the reduction of the debt side and the increase of the equity side.The introduction of non-state capital of various nature and the number of directors appointed by non-state shareholders can reduce the leverage ratio of stateowned enterprises.The mixed ownership reform effect of central soes is better than that of local soes.In view of this,we should make full use of the characteristics of mixed-ownership reform to reduce the leverage ratio of state-owned enterprises,vigorously promote the process of mixed-ownership reform of state-owned enterprises,accelerate the optimization of state-owned capital layout and structural adjustment,and reduce economic and financial risks.The nonstate capital introduced in the process of mixed ownership reform of state-owned enterprises should follow the principle of"quality rather than quantity",and should not blindly pursue the diversification of non-state capital participation types.Non-state-owned shareholders can directly participate in enterprise management decisions by appointing directors to give full play to the balance effect of non-state-owned capital.The practice of mixed ownership reform of state-owned enterprises should focus on the heterogeneous characteristics of enterprises with different government levels,and further promote the mixed ownership reform process of central state-owned enterprises.

关 键 词：混合所有制改革 国有企业杠杆率 融资成本 DSGE DID 

分 类 号：F272[经济管理—企业管理]