非政府部门监督主体对国企的治理作用研究

Study on the Governance Function of Non Governmental Organizations on State-Owned Enterprises

本文收集了2011～2017年我国A股国有上市公司的数据,运用多元线性回归的理论和方法研究了不同绩效情境下非政府部门监督主体。结果表明:媒体、机构投资者与我国国企内部治理之间存在显著的正向关系;但机构投资者会阻扰媒体对我国国企内部治理水平的提升作用,即机构投资者可以替代媒体对我国国企内部治理的作用;并且当企业期望绩效差距越大时,替代作用越明显。该结论有利于政府利用媒体和机构投资者等非政府部门来提高我国国企内部治理水平。

By using the data of China’s a-share listed state-owned companies in 2011-2017, this paper conducts multivariate linear regression empirical studies of the non-governmental sector supervision main body under different performance situation. The results show that there is significant positive relationship between the media attention, institutional investors holding and state-owned enterprises’ internal control effectiveness. But the increasing of the institutional investors holding lowers the media attention to improve the effectiveness of the state-owned enterprise internal control, namely there is a substitution effect between institutional investors holding and the media attention. And the larger companies expect performance gap is, the greater the substitution effect is. This paper provides guides for the government on how to use non-governmental sector such as media attention and institutional investors holding to supervise management of the state-owned companies.