“新三改”如何促进主业创新?  

How Does the“New Three Reforms”Promote Main Business Innovation?

作　　者：杨兴全[1] 蔡昌斌 Yang Xingquan;Cai Changbin

机构地区：[1]石河子大学经济与管理学院,新疆石河子832003

出　　处：《证券市场导报》2025年第3期3-13,共11页Securities Market Herald

基　　金：国家自然科学基金项目“公平竞争审查制度与国有企业聚焦主责主业研究”(批准号:72372108);国家社科基金重大项目“构筑国有和民营企业高质量协同发展新格局新机制研究”(批准号:24&ZD083)。

摘　　要：本文以2016年“新三改”政策实施为准自然实验,采用双重差分法实证检验“新三改”对央企主业创新的影响。研究发现,“新三改”政策实施后,央企主业创新的数量和质量明显提升,进而提高了央企的核心竞争力。该结论在经过安慰剂检验,PSM-DID,变更事件窗口区间等一系列稳健性检验后依然成立。其作用机制在于:(1)缓解代理冲突、提高内部控制质量,强化央企监督治理;(2)提高人工投入产出比、松缓政策性负担,产生赋能减负效应;(3)减少管理层短视、提高风险承担水平,发挥长效激励作用。基于地方政府治理与企业主业异质性视角分析发现,在地方政府放权意愿更强、地方知识产权保护程度更高、基于战略目标变更主业后和主业业绩更稳定的央企中,“新三改”政策对主业创新的促进作用更显著。本文为深入落实三项制度改革,引导央企做强主业、打造核心竞争力提供了参考。This study uses the implementation of“Guiding Opinions on Further Deepening the Reform of Labor,Employment and Income Distribution Systems in Central Government-Owned Enterprises”(referred to as the“New Three Reforms”)in 2016 as a quasi-natural experiment to empirically examine the impact of the“New Three Reforms”on the main business innovation of central government-owned enterprises by employing the difference-in-differences method.The results indicate that after the implementation of the“New Three Reforms,”both the quantity and quality of main business innovation in central government-owned enterprises have significantly improved,thereby enhancing their core competitiveness.The conclusion holds after a series of robustness tests such as the placebo test,PSM-DID,and using different event window intervals.The mechanisms of this effect are as follows.(1)It mitigates agency conflicts,improves the quality of internal control,and strengthens the supervision and governance of central government-owned enterprises.(2)It increases the input-output ratio of labor and alleviates policy burdens,thereby achieving an empowerment and burden-reduction effect.(3)It reduces managerial short-sightedness,increases risk-taking levels,and enhances long-term incentive effects.An analysis from the perspectives of local government governance and the heterogeneity of enterprise main businesses reveals that the“New Three Reforms”policy has a more significant effect on promoting main business innovation in central government-owned enterprises where local governments have stronger decentralization intentions,where local intellectual property protection is stronger,where the main business has been adjusted based on strategic objectives,and where main business performance is more stable.This paper provides a reference for further implementing the three institutional reforms and guiding central government-owned enterprises to strengthen their main businesses and build core competitiveness.

关 键 词：央企改革 三项制度改革 主业创新 核心竞争力 

分 类 号：F276[经济管理—企业管理]