混合所有制企业在金融危机中的绩效表现与恢复能力研究

Performance and Turnaround of Mixed Ownership Firms during Financial Crisis

本文以2008年国际金融危机为背景,通过比较不同所有制结构的上市公司在金融危机期间的绩效表现及恢复能力,探究我国混合所有制企业的国有股成分与股权制衡类型对公司绩效的影响,以及非国有股东引入的优序选择问题。利用我国2005—2011年上市公司面板数据,本文通过Probit模型回归等实证分析发现:(1)在国际金融危机期间,国有股比例越高的上市公司绩效越好;(2)国有股比例越高的公司越不容易发生业绩下降问题;(3)后金融危机阶段,国有股比例越高的公司并不一定更易恢复,相反,当其作为民营企业的制衡股东时,国有股东更能帮助企业提升危机恢复能力。除国有股东外,混合所有制类型也会对企业的绩效产生影响,概言之:(1)金融危机发生时,有制衡股东的企业比无制衡股东的企业更易从危机中恢复;(2)在国有和民营资本组成的混合所有制企业中,民营控股型企业业绩明显好于国有控股型企业。本文从实证角度为国有企业改革中控制权的适时转移提供了有力支持,当前国有股减持并积极引入非国有股东的做法是提升国有企业绩效的有效途径,但在混合所有制改革中还需特别注重国有及非国有资本间的股权配置问题,以充分发挥股东间的制衡与协同效应。

Adopting a cross-crisis angle,we evaluate the effectiveness of mixed ownership structure under the background of 2008 global financial crisis.Using data of Chinese listed companies from 2005 to 2011,we found that,in terms of the effectiveness of state ownership,(i)during the financial crisis,the relationship between state ownership and firm performance was monotonically positive;(ii)firms with higher state ownership were less likely to fall into a decline trend during the crisis;however,for those did fall into decline,state ownership didn't provide better chance of turnaround.Instead,firms with mixed ownership structure had the greatest likelihood of turnaround.Furthermore,firms benefit from mixed ownership structure when the second largest shareholder acted as a balanced shareholder.We found that(i)during the crisis,although there is no significant relationship between the type of balancing structure and the likelihood of the firm's performance decline,firms with balanced ownership structure did have better chance of successful turnaround;(ii)among firms mixed with both state and private shareholders,those controlled by private ownership performed better than those controlled by state ownership.Based on the findings,we suggest that the ownership restructuring by releasing the state shares and bringing in the dynamic non-state shareholders is an appropriate approach for improving the performance of mixed ownership firms.