国企混改何以“改机制”“合优势”?——制度变迁视角下混合所有制并购研究  

How Can the Mixed Ownership Reform of SOEs“Change the Mechanisms”and“Integrate the Advantages”:Mixed Ownership M&As of SOEs from the Perspective of Institutional Change

作　　者：李维安[1,2] 王琪 侯文涤 LI Weian;WANG Qi;HOU Wendi(Business School,Tianjin University of Finance and Economics,Tianjin 300222,China;China Academy of Corporate Governance,Nankai University,Tianjin 300071,China;School of Business Administration,Nanjing University of Finance and Economics,Nanjing 210023,China)

机构地区：[1]天津财经大学商学院,天津300222 [2]南开大学中国公司治理研究院,天津300071 [3]南京财经大学工商管理学院,江苏南京210023

出　　处：《财经问题研究》2025年第1期43-58,共16页Research On Financial and Economic Issues

基　　金：国家自然科学基金面上项目“突发事件应急社会治理的协同机制研究”(72174096);国家社会科学基金重大项目“新《公司法》下国有企业现代公司治理理论与实践问题研究”(24&ZD084);国家社会科学基金青年项目“企业ESG行为中使命偏移的形成机理、综合影响与治理机制研究”(24CGL017)。

摘　　要：推动国有企业机制改革,实现国有资本与民营资本的优势融合,既是混合所有制改革的初衷,也是其核心挑战所在。本文基于制度变迁理论,探讨了如何在混合所有制改革中“改机制”“合优势”,并分析了其中的重点和难点。本文将混合所有制并购作为国有企业混合所有制改革的代理变量,将并购后企业绩效的提高作为衡量改革绩效的代理变量,实证检验了混合所有制并购对国有企业混合所有制改革绩效的影响。结果显示,混合所有制并购显著提高了国有企业混合所有制改革绩效,并购中引入的民营资本比例越多,混合所有制改革绩效越高,国有企业高管跨体制联结正向调节了混合所有制并购及民营资本引入比例对混合所有制改革绩效的提高效应。进一步研究发现,在不同制度环境下,混合所有制改革的效果存在差异:在市场化水平高的省份、民营经济规模大的行业,以及在金字塔层级长的国有企业中,由于市场逻辑的合法性更高,更有利于国有企业引入、实施、遵循和整合市场机制,从而提高国有企业混合所有制改革绩效。此外,混合所有制并购对累积超额回报率有正向影响,这反映了市场对此类并购活动的积极评价。With the mixed ownership reform entering a new stage of reforming mechanism,promoting mechanism reform of state‑owned enterprises(SOEs)and coordinating the advantages of state‑owned and private capital have become the focus of mixed ownership reform at the current stage.The theory of institutional change has important value in understanding the mechanism reform and advantage coordination of mixed ownership reform.However,there is a lack of research on mixed ownership reform from the perspective of institutional change,especially on how private shareholders as external institutional entrepreneurship and SOEs’executives as internal institutional entrepreneurship work together in the mixed ownership reform of SOEs.This article takes mixed ownership M&As of SOEs as the proxy variable for mixed ownership reform and uses the improvement of the return on total assets of SOEs after mergers and acquisitions as the proxy variable for the performance of mixed ownership reform.Using the CSMAR database and based on M&A transaction data of SOEs,theoretical analysis and empirical testing are conducted to determine whether mixed ownership M&As of SOEs achieve the reform performance,and how private shareholders as external institutional entrepreneurship and SOEs’executives as internal institutional entrepreneurship affect the reform performance of mixed ownership M&As of SOEs.Empirical research shows that mixed ownership M&As of SOEs significantly improve the performance of mixed ownership reform;the more private capital introduced in M&As,the higher the performance of mixed ownership reform;and the cross system ties of SOEs’executives positively moderate the impact of mixed ownership M&As and private capital on the performance of mixed ownership reform.After changing the variable measurement method,replacing the research sample,and controlling for endogeneity,the regression results remain robust.Further research shows that there is heterogeneity in the effectiveness of mixed ownership reform in different institutional

关 键 词：国有企业 混合所有制并购 高管跨体制联结 制度变迁 

分 类 号：F276.1[经济管理—企业管理]