国有零售企业混合所有制改革研究——基于沪深两市零售上市公司的实证

Research on the Reform of Mixed Ownership in State-owned Retail Enterprises

零售行业因其高度市场化的特点成为当前国企改革的重要领域。本文在对混合所有制经济在我国零售业发展现状分析的基础上,以2009—2013年沪深两市上市公司为样本,着重研究产权性质、产权结构与绩效的关系。实证结果表明:国有零售企业绩效低于民营企业;民营零售企业的股权集中度与绩效呈正相关关系,适当引入国有资本能够提升绩效;国有零售企业的股权集中度与绩效没有显著关系,但是引入其他所有制资本能够改善绩效。国有资本应率先退出零售行业,或者提高零售行业中混合所有制的比例,允许民企控股,从而实现彻底的市场化运营。

Because of the high level of marketization,the retail industry has become the focus of reform in the state-owned enterprises. Based on the analysis of the current situation of mixed ownership in China’s state-owned retail enterprises,and taking the listed companies in Shanghai and Shenzhen from 2009 to 2013 as the sample,the author carries out the research on the relation among the nature of ownership,the structure of ownership and performance. It shows that：the performance of state-owned retail enterprises is lower than that of private retail enterprises;the relation between the concentration of shares in private retail enterprises and performance is positive,and the introduction of state capital will improve the performance;there is no significant relation between the concentration of shares in state-owned retail enterprises and the performance,and the introduction of other kind of capital can improve the performance. We should withdrew the state-owned capital from retail industry or increase the proportion of mixed ownership in this industry and give permission to private capital to have the control power to realize the thoroughly marketed operation.