政府控制与企业绩效实证研究

An Empirical Study on Government Control and Corporate Performance

本文以2010-2012年间全部A股上市公司作为样本,对政府控制与上市公司绩效之间的关系进行实证分析。结果表明,政府控制的上市公司在社会效益、绝对水平的经济效益、营运能力及劳动生产率方面优于非政府控制的上市公司,而在成长能力、公司价值、公司治理等市场化指标方面却逊于非政府控制的上市公司。本文认为,当前的国有企业改革应摆脱唯产权论的束缚,着力于政府的角色定位、职能转变及机制体制改革。最后,本文基于系统的视角从宏观引导、市场推动和企业自发这三个方面提出政策建议。

The empirical analysis on the relationship between the governmental control and the listed corporate performance is shown in this article, adopted all listed companies with A shares from 2010 to 2012 as samples. The results show that governmental-controlled listed companies outperform non-governmental controlled listed companies in social benefits, economic benefits in the ab-solute level, operation abilities and labor productivities, whereas, non-government controlled listed companies outperform govern-mental-controlled listing companies in some indices of marketization, such as growth abilities, corporate values and corporate gover-nances. Therefore, the reform of state-owned enterprises should jump out of the constraint of the Only Property Rights Theory, and focus on role of orientation, functional transformation and mechanismic innovation of government. Finally, based on the perspective of system, some recommendations about policies are provided from three aspects such as macro guidance, market promotion and en-terprise spontaneity.