国有资本划转与国有经济发展成果全民共享:来自上市国企红利分配的经验证据  

The Transfer of State-owned Capital to Social Security and the Benifits of State-owned Economic Development to All the People:Empirical Evidence from Dividend Distribution of Listed State-owned Enterprises

作　　者：肖志超 马新啸 XIAO Zhichao;MA Xinxiao(School of Accounting,Shandong University of Finance and Economics;College of Management,China Business Working Capital Management Research Center,Ocean University of China)

机构地区：[1]山东财经大学会计学院 [2]中国海洋大学管理学院,266100 [3]中国海洋大学中国企业营运资金管理研究中心,266100

出　　处：《经济理论与经济管理》2025年第3期21-40,共20页Economic Theory and Business Management

基　　金：国家自然科学基金青年项目(71902194;72302224);山东省社会科学规划研究项目(24CGLJ20)的资助。

摘　　要：划转国有资本充实社保基金是促进国有经济发展成果全民共享的重要途径。本文借助各地区分批实施国资划转政策的准自然实验,研究其对当地国企分红的影响及经济社会效果。研究发现:首先,国有资本划转能够传导公共财政压力和改善内部治理效率,从而提高当地国企的分红力度。其次,划转后的国有股权管理主体存在“社保基金”“财政厅”“国资委”三种类型,对分红的提升效果依次递减;进一步地,国有资本划转对分红的提升效果在盈利能力较强和垄断资源较丰富的国有企业中更为显著。最后,国有资本划转不仅可以提高国有企业的市场价值和定价效率,而且能够降低地方财政对社保基金的补贴压力,并缓解后者对教育、医疗等民生支出的“挤占”作用,带来实质性的福利效果。测算表明,试点省份的国企分红总量在划转后平均提升165.2%,对社保的平均分红贡献接近15亿元,占财政对社保补贴的比例约为2%,相当于新增覆盖约18万人次的年度最低生活保障。本文为深化国资国企改革和推进社会保障体系建设提供了重要参考。In the context of escalating social security expenditure pressures,leveraging state-owned capital to bolster the sustainability of basic pensions is crucial for addressing population aging.The“Implementation Plan for Transferring Part of State-owned Capital to Enrich the Social Security Fund”aims to utilize equity earnings as an innovative funding channel and a mechanism for income redistribution.This study examines the impact of state-owned capital transfer on local SOE dividends and broader socio-economic outcomes,using the phased implementation across regions as a quasi-natural experiment.The findings reveal that the transfer enhances SOE dividend levels,improves capital preservation,and alleviates fiscal subsidies to social funds.The findings indicate that state-owned capital transfer can transmit public financial pressure and improve internal governance efficiency,thereby increasing local SOE dividend levels.Economic significance calculations show that the dividend level per hundred units of state-owned assets increased by approximately 25.76%.The dividend enhancement effects vary among different post-transfer equity management entities,with“social security funds”achieving the highest effect,followed by“finance bureaus”and“state-owned asset supervision commissions”.The dividend enhancement effect is more significant in SOEs with stronger profitability and richer monopolistic resources.Moreover,state-owned capital transfer not only increases the market value and pricing efficiency but also reduces local financial subsidies to social funds,alleviating their“crowding out”effect on other livelihood expenditures.In pilot provinces,the total dividends of SOEs increased by 165.2%,with an average dividend contribution to social security of approxi mately 1.5 billion yuan,accounting for about 2%of the financial subsidies to social security,equivalent to covering the annual minimum living security for at least 180000 people.This paper makes three contributions:(1)It examines the economic consequenc

关 键 词：国有资本划转 国有企业 分红 共同富裕 

分 类 号：F276.1[经济管理—企业管理]