混合所有制国有企业公益性职能和所有权结构对经营绩效的影响:理论与实证  

The Impact of Public Welfare Functions and Ownership Structure on Operating Performance in Mixed-ownership SOEs:Theoretical and Empirical Research

作　　者：陈其安[1] 张国宏 赵旭 Chen Qi’an;Zhang Guohong;Zhao Xu(School of Economics and Business Administration,Chongqing University,Chongqing 400044,China;School of Literature,Journalism&Communication,Xihua University,Chengdu 610039,China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400044 [2]西华大学文学与新闻传播学院,四川成都610039

出　　处：《中国管理科学》2024年第11期78-91,共14页Chinese Journal of Management Science

基　　金：国家社会科学基金重点项目(19AGL013);中央高校基本科研业务费专项资金项目(2023CDSKXYJG007,2020CDJSK02TD03)。

摘　　要：如何在公益性职能约束下通过优化股东所有权结构提升国有企业经营绩效,是我国国有企业混合所有制改革面临的重要课题。本文首先构建混合所有制国有企业国资股东、非国资大股东和高管人员之间的优化决策模型,从理论上揭示混合所有制国有企业公益性职能和股东所有权结构对经营绩效的影响机理;然后选取2010-2018年期间的我国沪深A股国有上市公司为样本,对理论模型结果进行实证检验。研究发现:国有企业承担的公益性职能将对其经营绩效产生显著负向影响,强化非国资股东对国有企业的实质性公司治理参与度和提高国资股东与非国资股东的股权融合度都能够显著提升国有企业经营绩效;可以在保持国有企业承担的公益性职能不变的条件下,通过优化股东所有权结构提升国有企业经营绩效。本文研究结果为我国国有企业在公益性职能约束下优化股权结构和控制权结构、顺利推进混合所有制改革提供了理论证据和实施路径。Performing public welfare functions is the basic duty and obligation of state-owned enterprises(SOEs).Pursuing economic benefits is an important guarantee for SOEs to integrate into the international market,participate in international and domestic market competition and achieve sustainable development.It is an important issue faced by the mixed ownership reform of SOEs for how to improve the operating performance of SOEs by optimizing the ownership(including equity and control rights)structure between state-owned shareholders and non-state-owned shareholders under the constraint of public welfare functions.Relevant documents,such as the Guiding Opinions on Deepening the Reform of SOEs issued by the Central Committee of China Communist Party and the State Council in 2015,proposed measures to promote the mixed ownership reform of SOEs through classification and stratification.However,these documents lack strong theoretical and practical evidence support.It is of great theoretical and practical significance to clarify the effect mechanism of public welfare functions and ownership structure on operating performance of mixed-ownership SOEs from both theoretical and empirical perspectives for ensuring the sustained,stable and healthy development of SOEs.Based on the in-depth investigation of interest distribution and control allocation between state-owned and non-state-owned shareholders in mixed ownership SOEs,an optimization decision-making model among state-owned shareholders,non-state-owned blockholders and executives is constructed to theoretically reveal the effect mechanism of public welfare functions and ownership structure on operating performance of mixed ownership SOEs.Then,the A-share state-owned listed companies in Shanghai and Shenzhen during 2010-2018 are selected as samples,and the operating performance of SOEs is measured by the market value,and the public welfare functions of SOEs is measured by the corporate social responsibilities,and the equity structure and control structure are measured by the d

关 键 词：混合所有制 国有企业 公益性职能 所有权结构 经营绩效 

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