国资预算扩围与国有企业去金融化  

State Capital Budget Expansion and the De-financialization of State-owned Enterprises

作　　者：石绍宾[1] 张晓丹 SHI Shao-bin;ZHANG Xiao-dan

机构地区：[1]山东大学经济学院

出　　处：《北京社会科学》2025年第4期35-49,共15页Social Sciences of Beijing

基　　金：教育部哲学社会科学研究重大攻关项目(23JZD010)——健全现代预算制度研究。

摘　　要：基于2003—2020年中国沪深A股中央企业控股的上市公司数据,实证分析了2007年起实施的国有企业利润上缴政策对企业金融化水平的影响,结果显示:提升国有企业利润上缴比例显著降低了央企控股上市公司的金融化水平。异质性分析表明,在高管无金融背景及机构投资者持股比例较高的企业中,国有企业利润上缴对企业去金融化的影响更为明显。机制检验结果表明,国有企业利润上缴政策虽然增强了高管的风险偏好,但显著抑制了企业过度投资,表明政策在限制企业过度投资行为方面发挥了有效的约束作用,从而抑制了企业金融化水平。进一步分析发现,随着国企利润上缴比例的增加和金融化水平的降低,央企上市公司展现出了更高的全要素生产率,有助于推动企业的高质量发展。对此,应优化国有资本收益管理机制,合理设置利润上缴比例;完善企业治理结构;强化金融活动监督;优化激励设计,推动国企资源向核心业务和创新领域配置,以实现可持续健康发展。Based on the data of listed companies held by central enterprises in China s Shanghai and Shenzhen A-shares from 2003 to 2020,we empirically analyze the impact of the policy of profit contribution from state-owned enterprises implemented since 2007 on the level of financialization of enterprises.The results show that elevating the proportion of profit contribution from SOEs significantly reduces the financialization level of listed companies held by central enterprises.Heterogeneity analysis shows that the impact of SOE profit contribution on the de-financialization of enterprises is more obvious in enterprises with no financial background of executives and higher shareholding ratios of institutional investors.The results of the mechanism test show that the SOE profit contribution policy significantly suppresses corporate overinvestment although it enhances the risk appetite of executives,indicating that the policy plays an effective constraining role in restricting the overinvestment behavior of corporations,thus suppressing the level of corporate financialization.Further analysis reveals that with the increase in the proportion of SOEs profit contribution and the decrease in the level of financialization,central listed companies show higher total factor productivity,which helps to promote the high-quality development of enterprises.In this regard,we should optimize the management mechanism of state-owned capital gains,set a reasonable profit contribution ratio,improve the corporate governance structure,strengthen the supervision of financial activities,optimize the design of incentives,and promote the allocation of resources of SOEs to their core business and innovative areas to achieve sustainable and healthy development.

关 键 词：国有企业利润上缴 企业金融化 国有资本经营预算 国资预算扩围 过度投资 

分 类 号：F29.13[经济管理—国民经济] F28.27