国有参股提升民营上市公司经济价值了吗?——基于国有股东的资源效应与治理效应  

Has State-Owned Shareholders Improved the Economic Value of Private Listed Companies?——Based on the Resource and Governance Effects of State-owned Shareholders

作　　者：沈佳坤 张军[1] 陈道志[2] 任玥桥 SHEN Jiakun;ZHANG Jun;CHEN Daozhi;REN Yueqiao(School of Accountancy,Beijing Wuzi University,Beijing 101149;College of Applied Technology,Beijing Union University,Beijing 100012)

机构地区：[1]北京物资学院会计学院,北京101149 [2]北京联合大学应用科技学院,北京100012

出　　处：《管理现代化》2025年第1期52-61,共10页Modernization of Management

基　　金：北京市教育委员会科研计划项目“城市副中心服务支撑北京国际科技创新中心建设的路径研究”(SM202310037001)。

摘　　要：国有参股为民营上市公司突破资金短缺、资源侵占和社会资本匮乏等导致的发展瓶颈带来新机遇。基于国有股东的资源与治理效应,并考虑企业社会责任意识促进两种产权性质股东经济价值目标协同的调节作用,探索国有股东通过缓解融资约束和改善公司治理路径对民营上市公司经济价值的影响。2010-2019年我国A股民营上市公司的实证研究表明:国有股东在被参股民营上市公司中持股比例较小,但能通过直接作用和中介作用提升公司的经济价值;政府部门持股的影响主要通过直接作用实现,国有资产管理公司持股的影响主要通过融资约束和公司治理两条中介路径实现,国有企业持股未能产生显著影响;企业社会责任意识对国有股东持股的影响具有正向调节作用。State-owned shareholders bring new opportunities for private listed companies to break through development bottlenecks caused by capital shortage,resource encroachment,and lack of social capital.Based on the resource and governance effects of state-owned shareholders,and considering the moderating role of corporate social responsibility awareness in promoting the synergy of economic value goals of shareholders of two property rights,this paper explores the impact of state-owned shareholders on the economic value of private listed companies through alleviating financing constraints and improving corporate governance.Empirical research on China's A-share private listed companies from 2010 to 2019 shows that:state-owned shareholders hold a small share of the shares of private listed companies,but can effectively enhance the economic value of the company through direct and intermediary effects;the infuence of state-owned enterprises,state-owned asset management companies,and government departments on the economic value of private listed companies increases gradually;the infuence of government departments mainly through direct effects,while the infuence of state-owned asset management companies mainly through financing constraints and corporate governance paths;state-owned enterprises have not had a significant impact;corporate social responsibility awareness has a positive moderating effect on the infuence of state-owned shareholders.

关 键 词：民营上市公司 国有参股 经济价值 资源效应 治理效应 

分 类 号：F275[经济管理—企业管理]