混合所有制的优序选择:市场的逻辑

Pecking Order of Mixed Ownership:The Logic of Market

在政策推动与生存需求的双重驱动下,发展混合所有制经济,引入非国有资本已经成为国有企业改革的方向与目标。本文以2001—2013年上海证券交易所中的国有竞争类上市公司为研究样本,依据前10大股东中国有、外资和民营三类不同性质股东的持股比例,定义了混合主体多样性、混合主体深入性以及混合主体制衡度,考察混合所有制改革对竞争类企业绩效的影响。研究结果发现,简单的股权混合并不能够改善公司的绩效表现,在完善的制度环境下,混合主体多样性才能体现出提升绩效的作用;混合主体深入性与公司绩效之间呈倒"U"型关系,当非国有股东持股比例处于30%—40%时,非国有性质股权提升绩效的作用最为显著;从混合主体制衡度看,在国有控股的企业中,外资股东的制衡效应优于民营股东。

Spurred on by policy change and survival needs, developing mixed ownership and attracting nonstate capital have become the target and direction of reform of state-owned enterprises. Using a sample of stateowned enterprises of 2001--2013, and based on the proportion of three different types of shareholders including state, foreign and private, this paper decomposes mixed ownership into diversity of property rights, degree of property integration and mixed balance degree, and then studies their impacts on corporate performance. We find that simple mixed equity cannot improve performance, but when institutional environment is good, diversity of property fights can improve company performance, and performance has an inverted ＂U-shaped＂ relationship with degree of property integration. And when the non-stateowned shareholding ratio reached 30%-40%, their value effect is most significant. As to the mixed balance degree, in the state-owned enterprises, the balance effect of foreign equity is better than private equity.