非国有股东参股与国有企业金融化——基于混合所有制改革的制度背景

The Participation of Non-State Shareholders and the Financialization of State-Owned Enterprises——Based on the Institutional Background of Mixed Ownership Reform

以2007—2018年沪深A股国有上市企业为样本,探讨非国有参股股东的引入对企业金融化水平的影响。研究发现:国有企业中,引入非国有参股股东可以显著降低企业金融化水平。机制上,非国有参股股东主要通过提升主业业绩、增加创新投入的路径,降低企业金融化水平。进一步研究表明,当非国有参股股东为经营型股东或参与董事会治理时,其降低企业金融化水平的效果会越显著,且降低的主要是长期金融资产的配置。在经济后果上,国企金融化水平与企业价值显著负相关,而引入非国有参股股东可在一定程度上缓解这一负面作用。

This paper selected the state-owned listed enterprises in Shanghai and Shenzhen from 2007 to 2018 as research samples,and discussed the influence of non-state-owned shareholders on the financialization level of enterprises.We found that,the introduction of non-state-owned shareholders could significantly reduce the financialization level of state-owned enterprises through the channels of raising main business performance and increasing innovation investment.Further analysis showed that,when non-state-owned shareholders were operating shareholders,or participating the governance of the board of directors,its negative effect would be more evident,and it mainly exert the effect on the allocation of long-term financial assets.In terms of economic consequences,there was a negative correlation between the financializaiotn level of SOE and enterprise value,and the introduction of non-state-owned shareholders could alleviate the negative effect.