国资监管体制改革能否提升国有企业新质生产力?——基于以“管资本”为主改革的准自然实验  

Can the Reform of the State-owned Assets Supervision System Enhance the New Quality Productive Forces of State-owned Enterprises?:Based on Quasi-natural Experiment Verification of“Capital Management Reform”

作　　者：任广乾[1] 景曼 薛坤坤[1] REN Guangqian;JING Man;XUE Kunkun(School of Business,Zhengzhou University,Zhengzhou 450001,Henan)

机构地区：[1]郑州大学商学院,河南郑州450001

出　　处：《厦门大学学报(哲学社会科学版)》2025年第2期40-55,共16页Journal of Xiamen University(A Bimonthly for Studies in Arts & Social Sciences)

基　　金：国家社会科学基金重点项目“政府激励行为下混合所有制改革的模式选择及治理机制优化研究”(22AGL017);河南省软科学研究计划项目“逆向混改对河南省民营企业韧性的影响研究”(252400412025);中国博士后科学基金第17批特别资助项目“政府激励行为下国有资本参股对创新链构建的影响机理及优化研究”(2024T170248)。

摘　　要：构建与新质生产力发展相适配的国资监管体系是焕发国资国企新活力、激发新质生产力的重要前提,其中以“管资本”为主的新型国资监管体制发挥了重要作用。以2009一2022年中国沪深A股上市国有企业为研究样本,实证检验国资监管体制改革对国有企业新质生产力的影响。研究结果显示,国资监管体制改革能够显著提升国有企业新质生产力。机制检验发现,国资监管体制改革通过强化企业创新动能、优化资源配置和抑制管理层机会主义行为间接提升了国有企业新质生产力。异质性分析表明,在所处省份市场化程度低的国有企业、地方国有企业和竞争性国有企业中,国资监管体制改革对其新质生产力的提升作用更为显著。研究结论为加快构建以“管资本”为主的新型国资监管体制、培育和发展新质生产力提供实证依据。The construction of a state assets supervision system suitable for the development of new quality productive forces is an important prerequisite to invigorate the new vitality of state assets and SOEs and stimulate the new quality productivity,among which the new state assets supervision system based on""capital management"has played an important role.This study examines the impact of the reform of the state-owned assets regulatory system on the new quality productive forces of Chinese A-share listed SOEs from 2009 to 2022.The empirical analysis reveals that the reform significantly enhances the new quality productive forces of SOEs.Mechanism tests indicate that this improvement occurs indirectly by strengthening enterprises'innovation momentum,optimizing re-source allocation,and curbing management's opportunistic behavior.Heterogeneity analysis further shows that the reform has a more pronounced effect on enhancing new quality productive forces among SOEs with a low degree of marketization,local SOEs,and competitive SOEs within provinces.The findings provide an empirical foundation for accelerating the establishment of a new state-owned assets supervision system focused on""capital management"and for fostering the development of new quality productive forces.

关 键 词：国资监管体制 国有资本投资运营公司 国有企业 新质生产力 

分 类 号：F270[经济管理—企业管理]