国资监管体制改革与国企费用粘性——来自“两类公司”改革试点的证据  

Reform of state-owned assets supervision system and SOE’s expense stickiness:evidence from the state-owned capital investment and operation companies pilot reform

作　　者：熊凌云[1] 张益宁 杨李娟 XIONG Lingyun;ZHANG Yining;YANG Lijuan(Jiangxi University of Finance and Economics,Nanchang 330013)

机构地区：[1]江西财经大学,江西南昌330013

出　　处：《财贸研究》2024年第10期77-93,共17页Finance and Trade Research

基　　金：国家社会科学基金青年项目“国资监管提升国企绿色全要素生产率的机制及政策研究”(23CJY034);江西省社会科学基金重点项目“数据资产驱动大中小企业融通创新的机理与模式研究”(24GL03);江西省教育厅高校人文社会科学研究项目“国资监管体制改革对国企产能过剩化解的影响、机理与政策研究”(GL23102)。

摘　　要：改组组建国有资本投资公司和国有资本运营公司(以下简称“两类公司”)是深化国资监管体制改革的重点任务。从成本费用管控视角,利用2008—2021年“两类公司”改革试点数据,探讨以设立“两类公司”为核心的国资监管体制改革对国有企业费用粘性的影响。研究发现,“两类公司”改革能够显著降低控股国有企业的费用粘性,其内在机制是“两类公司”改革通过强化经营预算管理和嵌入党组织治理实现控股国有企业费用粘性的降低。进一步分析表明,“两类公司”改革对费用粘性的抑制作用在由多家“两类公司”协同控股、控股链条较短、股权制衡度较高以及所属类型为中央企业时更显著;限制政府债务大规模扩张和加强产品市场竞争,均能有效提高“两类公司”改革对费用粘性的抑制作用。文章从政治观和经理人观视角揭示了国资监管体制改革降低国有企业费用粘性的内在机理,为完善“两类公司”改革、推动“有为政府”与“有效市场”有机结合、降低国有企业费用粘性提供了重要参考。The establishment of state-owned capital investment and operation companies(SOCIOCs)is the priority task of deepening the reform of state-owned assets supervision system.Based on the the pilot reform data of the establishment of SOCIOCs from 2008 to 2021,this study examines the impact of SOCIOCs’establishment on the SOEs’expense stickiness from the perspective of cost management.The results show that the pilot reform of SOCIOCs significantly reduces the expense stickiness of SOEs under its control.And its internal mechanism is that the pilot reform of SOCIOCs can reduce the expense stickiness of state-owned enterprises by strengthening the management of operating budgets and embedding the governance of party organizations.Further studies show that the inhibition effect of the pilot reform of SOCIOCs on the expense stickiness is more significant when there are multiple SOCIOCs jointly holding,the holding chain is short,the equity balance is high and the type is central enterprise.Limiting the large-scale expansion of government debt and strengthening product market competition can effectively improve the inhibition effect of the pilot reform of SOCIOCs on the expense stickiness.From the perspective of politics and managers,this paper not only reveals the internal mechanism of the reform of state-owned assets supervision system on reducing the stickiness of state-owned enterprises’expenses,but also provides an important reference for improving the pilot reform of SOCIOCs,promoting the organic combination of“promising government”and“effective market”,and reducing the stickiness of state-owned enterprises’expenses.

关 键 词：国资监管体制改革 费用粘性 两类公司 政治观 经理人观 

分 类 号：F276[经济管理—企业管理]