制度嵌入、非国有股东参与治理与国企劳动投资效率  

Institutional Embedding,Governance of Non-State-Owned Shareholders and the Labor Investment Efficiency of State-Owned Enterprises

作　　者：何瑛[1] 郝晓露 HE Ying;HAO Xiao-lu(Beijing University of Posts and Telecommunications,Beijing 100876,China)

机构地区：[1]北京邮电大学经济管理学院,北京100876

出　　处：《经济体制改革》2025年第1期110-119,共10页Reform of Economic System

基　　金：国家社会科学基金重点项目“双向混合所有制改革中非控股股东治理机制对资本配置效率的影响研究”(20AGL015);国家社会科学基金重大项目“数字化变革推动中小企业高质量发展研究”(22&ZD148)。

摘　　要：嵌入制度因素从“股权治理、高层治理、网络治理”手工搜集国企上市公司2007~2021年数据,构建非国有股东参与治理指数,探究非国有股东参与治理与国有企业劳动投资效率的内在关系。研究表明:非国有股东参与治理能够提高国有企业劳动投资效率,既表现为对过度投资的抑制,又表现为对投资不足的缓解。机制检验表明,正式制度视角,非国有股东参与治理通过降低代理成本提高劳动投资效率而非雇佣责任;非正式制度视角,非国有股东参与治理能够通过“资源效应”与“信息效应”提高劳动投资效率。拓展分析表明,非国有股东参与治理对国有企业劳动投资效率的提高在普通员工组别中更为凸显;劳动投资效率的提高能够促进国有企业做强做优做大。据此,应稳步推进混合所有制改革,为提高国有企业劳动投资效率营造良好的制度环境。同时,国有企业引入非国有股东参与治理应注重发挥正式制度与非正式制度的双重作用。This article embeds institutional factors to manually collect data of state-owned listed companies from 2007 to 2021 on“equity governance,high-level governance,and network governance”,constructs a non-state-owned shareholder participation governance index,and explores the inherent relationship between non-state-owned shareholder participation in governance and labor investment efficiency of state-owned enterprises.Research shows that the participation of non-state-owned shareholders in governance can improve the efficiency of labor investment in stateowned enterprises,manifested both in the suppression of overinvestment and the alleviation of underinvestment.Mechanism test shows that from a formal institutional perspective,non-state-owned shareholders'participation in governance improves labor investment efficiency by reducing agency costs rather than employment responsibilities.From the perspective of informal institutions,the participation of non-state-owned shareholders in governance improves labor investment efficiency through“resource effects”and“information effects”.Further analysis shows that the participation of non-state-owned shareholders in governance has a more prominent effect on improving the efficiency of labor investment in state-owned enterprises among the general employee group.The improvement of labor investment efficiency can promote the strengthening,optimization,and expansion of state-owned enterprises.So we should steadily promote mixed ownership reform and create a favorable institutional environment to improve the efficiency of labor investment in state-owned enterprises.At the same time,state-owned enterprises should pay attention to the dual role of formal and informal systems when introducing non-state-owned shareholders to participate in governance.

关 键 词：制度嵌入 非国有股东参与治理 劳动投资效率 治理参与度指数 

分 类 号：F253.7[经济管理—国民经济]