民营资本引入与国有资本做强做优做大——来自国有控股资本保值增值视角的证据  

The Introduction of Private Capital and the Strengthening and Improvement of State-owned Capital——Evidence from the Perspective of Value Preservation and Value-added of State-controlled Capital

作　　者：刘兰欣 张凯 Liu Lanxin;Zhang Kai(Postdoctoral Research Station of Industrial and Commercial Bank of China,Beijingg100140,China)

机构地区：[1]中国工商银行博士后科研工作站,北京100140

出　　处：《金融发展研究》2024年第8期3-13,共11页Journal Of Financial Development Research

摘　　要：本文实证考察了国有企业中引入民营资本实施混合所有制改革对国有控股资本保值增值的影响。研究发现,民营资本引入能够显著增加国有控股资本保值增值率,因而已经完成的混合所有制改革一定程度上实现了预期的国有资本做大的目的。在机制路径上,推动国有企业资本经营管理效率的提升从而做强做优国有资本,是混合所有制改革提升国有控股资本保值增值率的有效路径。进一步研究表明,国有资本监管体制改革、新一轮改革政策引导是发挥混合所有制改革积极经济效益的配套条件。本文的研究有助于理论与实务界厘清对混合所有制改革的认识,为新一轮国有企业改革深化提升行动提供理论依据。This paper empirically examines the impact of the introduction of private capital to implement mixed ownership reform in state-owned enterprises on the preservation and appreciation of state-controlled capital.The study found that the introduction of private capital can significantly increase the rate of value-added of state-controlled capital,and thus the completed mixed-ownership reforms have to some extent realized the expected purpose of making state capital bigger.In the mechanism path,promoting the improvement of the efficiency of capital operation and management of state-owned enterprises so as to strengthen and optimize state-owned capital is an effective path for the mixed ownership reform to enhance the value-added rate of state-controlled capital.Further research shows that the reform of the state capital supervision system and the new round of reform policy guidance are the supporting conditions for the realization of the positive economic benefits of the mixed ownership reform.The research in this paper helps the theoretical and practical circles to clarify the understanding of mixed ownership reform,and provides a theoretical basis for the new round of state-owned enterprise reform to deepen and enhance the action.

关 键 词：混合所有制改革 利益相关方 国有控股股东 国有控股资本保值增值 

分 类 号：F830[经济管理—金融学]