混合所有制改革与内部资本市场效率

Mixed-Ownership Reform and Internal Capital Market Efficiency

基于2008-2021年国有集团成员企业数据,研究了混合所有制改革对集团内部资本市场效率的影响及作用机制。结果显示,混合所有制改革对国有企业集团的内部资本市场效率有显著的提升作用。机制检验发现,混合所有制改革通过非国有股东委派董事和提高内部控制质量提升了内部资本市场效率。混合所有制改革对集团内部资本配置效率的提升作用在非国有股东向企业委派董事时更显著,但非国有股东委派董事比例过高反而无法提升内部资本市场效率。进一步分析得出,在集团多元化程度高、市场竞争程度低时,混合所有制改革对内部资本市场效率有更大的提升作用。

Based on the data of state-owned group member enterprises from 2008 to 2021,this paper explores the impact of mixed-ownership reform on the internal capital market efficiency within business groups,as well as its underlying mechanisms.The results indicate that mixed-ownership reform significantly enhances the efficiency of the internal capital market in state-owned enterprise groups.According to the mechanism test,mixed-ownership reform improves the efficiency of the internal capital market primarily through the appointment of directors by non-state shareholders and the enhancement of internal control quality.The impact of mixed-ownership reform on internal capital market efficiency becomes more pronounced when non-state shareholders appoint directors to the companies.However,when the proportion of directors appointed by non-state shareholders is excessively high,the mixed-ownership reform fails to significantly enhance internal capital market efficiency.Further analysis shows that when the degree of group diversification is high and the degree of market competition is low,mixed-ownership reform has a greater impact on internal capital market efficiency.