国有企业混合所有制改革与高质量发展——基于股权结构视角  

Mixed-Ownership Reform and High-Quality Development ofState-Owned Enterprises—Based on the Perspective of Ownership Structure

作　　者：刘慧哲 袁卫秋[2] LIU Huizhe;YUAN Weiqiu(School of Accounting,Nanjing University of Finance and Economics Hongshan College,Nanjing,Jiangsu 212413;School of Accounting,Nanjing University of Finance and Economics,Nanjing,Jiangsu 210023)

机构地区：[1]南京财经大学红山学院会计学院,江苏南京212413 [2]南京财经大学会计学院,江苏南京210023

出　　处：《商学研究》2025年第2期116-128,共13页Commercial Science Research

基　　金：2023年度江苏高校哲学社会科学研究项目“国资入股促进民营经济高质量发展的效应与机制研究”(2023SJYB2201);国家社会科学基金重大项目“创新引领发展的机制与对策研究”(18ZDA102)。

摘　　要：在国有企业混合所有制改革过程中,非国有资本的引入改变了股权结构,公司治理结构也随之进行了相应的调整。非国有资本为国有企业转换发展方式提供了内在动力,推动了企业的高质量发展。本文通过对2007—2022年我国A股上市公司数据的分析,研究了国有企业股权结构调整对企业高质量发展水平的影响及作用机制。研究结果表明,提高国有企业股权制衡度与降低国有企业股权集中度均能提升企业高质量发展水平,其作用机制在于引入非国有资本促进了国有企业新质生产力的提升。异质性分析表明,对垄断行业而言,降低股权集中度对提升国有企业高质量发展水平的积极效应更加明显;在混合所有制改革过程中如果引入外资性质的股权,股权制衡度的提高对企业高质量发展的促进作用更显著。因此,国有企业高质量发展需要进一步深化改革,使股权结构更加多元化。During the process of mixed-ownership reform of state-owned enterprises,the introduction of non-state-owned capital has altered ownership structure,and the corporate governance structure has thereby undergone corresponding adjustments.Non-state-owned capital has furnished an intrinsic impetus for state-owned enterprises to transform their development approaches and propelled the high-quality development of enterprises.Through the analysis of the data of China’s A-Share listed companies from 2007 to 2022,this paper investigates the influence and mechanism of ownership structure of state-owned enterprises on the level of high-quality development of enterprises.The research findings suggest that both enhancing the degree of equity checks and balances in state-owned enterprises and reducing the concentration of equity can elevate the level of high-quality development of enterprises.The functional mechanism lies in that the introduction of non-state-owned capital promotes the improvement of new productive forces in state-owned enterprises.The heterogeneity analysis reveals that for monopolistic industries,reducing the concentration of equity has a more pronounced positive effect on enhancing the high-quality development level of state-owned enterprises.During the process of mixed-ownership reform,if equity of foreign capital is introduced,an increase in the degree of equity checks and balances will have a more significant facilitating effect on the high-quality development of enterprises.Hence,the high-quality development of state-owned enterprises demands further deepening of reforms to render ownership structure more diversified.

关 键 词：国有企业 混合所有制改革 股权结构 高质量发展 新质生产力 

分 类 号：F276.1[经济管理—企业管理] F271[经济管理—国民经济]