国有企业混合所有制改革如何影响信贷资源配置效率?  

How Does the Mixed Reform of State-Owned Enterprises Affect the Efficiency of Credit Resource Allocation?

作　　者：李春兰 叶松勤 黄嘉申 LI Chunlan;YE Songqin;HUANG Jiashen(Finance Department,Jiangxi Normal University,Nanchang Jiangxi 330022,China;School of Digital Economics and Trade,Guangzhou Maritime University,Guangzhou Guangdong 510725,China)

机构地区：[1]江西师范大学财务处,江西南昌330022 [2]广州航海学院数字经济与贸易学院,广东广州510725

出　　处：《江西师范大学学报(自然科学版)》2024年第5期538-550,共13页Journal of Jiangxi Normal University(Natural Science Edition)

基　　金：国家自然科学基金(71962023);江西省社会科学“十四五”基金(21GL34D)资助项目.

摘　　要：该文选取2008—2022年中国深沪A股上市国有企业为考察对象,探究混合所有制改革对国有企业信贷资源配置效率的影响效应及作用机制.研究结果显示:混合所有制经济对国有企业信贷资源配置效率有着显著的正向效应,且上述正向效应仅存在于地方国有企业和市场化程度较高地区的国有企业.这表明:国有企业混合所有制改革总体上发挥了积极的治理作用,但该治理作用的发挥需要一定的治理环境.基于融资约束的截面差异分析表明:非国有股东委派高管对混合所有制改革的国有企业信贷资源配置效率的促进作用主要体现于低融资约束企业.中介机制分析表明:国有企业混合所有制改革更多的是通过遏制管理层代理问题来发挥作用.The 2008—2022 China Shenzhen and Shanghai A-share listed state-owned enterprises are selected as the object of investigation to explore the effect and mechanism of the mixed ownership reform on the allocation efficiency of state-owned enterprises′credit resources.The results show that the mixed ownership economy has a significant positive effect on the allocation efficiency of credit resources of state-owned enterprises,and the above-mentioned positive effect only exists in local state-owned enterprises and state-owned enterprises in regions with a high degree of marketization.This conclusion shows that the mixed reform of state-owned enterprises has played a positive go-vernance role on the whole,but the governance role needs a certain governance environment.The analysis of cross-sectional differences based on financing constraints shows that the promotion of the efficiency of credit resource allocation by non-state-owned shareholders appointed by non-state-owned shareholders is mainly reflected in low-financing-constrained enterprises.The analysis of the intermediary mechanism shows that the mixed reform of state-owned enterprises plays a role more by containing the problem of management agency.

关 键 词：国有企业混合所有制改革 信贷资源 投资效率 

分 类 号：F275.5[经济管理—企业管理]