非国有股东参与治理与全要素生产率——基于国企混合所有制改革的实证检验

Non-state Shareholders Participate in Governance and Total Factor Productivity——An Empirical Test Based on the Reform of State-owned Enterprises’ Mixed Ownership

文章选取2008—2017年我国A股国有上市公司为研究样本,具体考察混合所有制改革背景下,非国有股东参与治理对国有企业全要素生产率的影响。结果表明:(1)非国有股东参与治理可以显著提高国有企业全要素生产率,这一结果在考虑内生性问题及一系列稳健性检验后依然成立;(2)行业竞争程度对非国有股东与全要素生产率之间的关系具有调节作用,非国有股东对全要素生产率的促进作用在竞争性国有企业中更显著;(3)与非国有股东持股相比,非国有股东参与董事会治理更重要;(4)非国有股东可以通过缓解第一类代理问题和提高研发创新投入提升全要素生产率。本文的研究结论为推进国有企业混合所有制改革和提升国有企业全要素生产率提供了直接的经验证据,并对实现我国经济高质量增长具有一定借鉴意义。

This paper examines the effects of non-state shareholders on total factor productivity(TFP)in state-owned enterprises.Analyzing data from a sample of state-owned listed enterprises from 2008 to 2017,we find that the participation of non-state-owned shareholders in governance can effectively promote TFP.This result is still reliable after controlling endogeneity using a two-stage model and robustness tests.Further research finds that the governance role of non-state shareholders is more significant in competitive state-owned enterprises.Compared with non-state-owned shareholders,it is more important for non-state-owned shareholders to participate in the governance of the board of directors.The impact of non-state-owned shareholders on the management of the first type of agency costs and R&D are the paths of improving TFP.The research conclusion provides direct empirical evidence for promoting the mixed ownership reform of state-owned enterprises and improving the TFP of state-owned enterprises,and has certain significance for realizing high-quality economic growth in China.