“双向混改”情境下非控股股东治理机制与资本配置效率  

Non-Controlling Shareholders Governance Mechanism and Capital Allocation Efficiency in the Context of“Two-Way Mixed-Ownership Reform”

作　　者：何瑛[1] 李文江 He Ying;Li Wenjiang

机构地区：[1]北京邮电大学经济管理学院,北京100876

出　　处：《证券市场导报》2024年第9期24-36,共13页Securities Market Herald

基　　金：国家哲学社会科学基金重大项目“数字化变革推动中小企业高质量发展研究”(批准号:22&ZD148);国家哲学社会科学基金重点项目“双向混合所有制改革中非控股股东治理机制对资本配置效率的影响研究”(批准号:20AGL015)。

摘　　要：本文在区分“双向”混合所有制改革两类混改情境的基础上,基于正式制度与非正式制度视角,从股权治理、高层治理、网络治理三个维度构建非控股股东治理参与度模型,考察了非控股股东参与治理与企业资本配置效率的内在关系。研究表明:在“双向”混改情境下,非控股股东参与治理能提高企业的资本配置效率;非控股股东参与治理提高国有企业的资本配置效率主要体现在制衡效应而非资源效应,非控股股东参与治理提高民营企业的资本配置效率主要体现在资源效应而非制衡效应;非控股股东参与治理能够通过缓解国有企业预算软约束和抑制国有企业过度投资来提高国有企业资本配置效率。本文有利于从“双向”混合所有制改革的视角引导非控股股东更好发挥治理作用。On the basis of distinguishing two types of mixed reform situations of“two-way”mixed-ownership reform and from the formal and informal institutional perspectives,this paper constructs a model of the participation of non-controlling shareholders in governance from three dimensions of equity governance,high-level governance,and network governance,and examines the intrinsic relationship between the participation of non-controlling shareholders in governance and the capital allocation efficiency of enterprises.The study shows that the participation of non-controlling shareholders in governance can improve the capital allocation efficiency of enterprises in the context of“two-way”mixed-ownership reform.The participation of non-controlling shareholders in governance can improve the capital allocation efficiency of state-owned enterprises mainly by the balance effect rather than the resource effect,while the participation of non-controlling shareholders in governance can improve the capital allocation efficiency of private enterprises mainly by the resource effect rather than the balance effect.The participation of non-controlling shareholders in governance improves the capital allocation efficiency of state-owned enterprises by alleviating the soft budget constraint and suppressing the over-investment of state-owned enterprises.This paper is conducive to guiding non-controlling shareholders to better perform their governance role from the perspective of“two-way”mixed-ownership reform.

关 键 词：非控股股东参与治理 资本配置效率 “双向”混合所有制改革 

分 类 号：F271[经济管理—企业管理] F275[经济管理—国民经济]