混合所有制企业中的国有资本效率研究

目前,我国国有企业股权结构较为单一,国有股一股独大的局面是实现多元化股权结构的主要障碍,引导民间资本进入国有企业并且成为混合所有制的重要组成部分是国有企业股权改造的当务之急。文章利用时间固定效果模型,通过对2006-2013年间上市公司的财务面板数据进行分析,发现国有资本比率与资产收益率(ROA)之间存在着显著的非单调关系,也就是说在平面坐标图中,随着国有股比率的增加,企业的资产收益率会呈现为先上升、后下降、最后再上升的曲线。该一结果暗示了国家以及国有法人的一些特性导致了该曲线的形成。

At present, the ownership structure of the state-owned enterprise is relatively single. The dominance of the state-owned capital is not fundamentally changed, and the target of the diversified equity is not realized. Therefore, it is necessary to take measures to introduce private capital into state-owned enterprises and become an important part of the mixed owner- ship. Through the analysis of the relation between ratio of the state-owned shares and the Return on Assets （ROA） of the listed companies from 2006 to 2013, this paper discovers the significant non-monotonic relationship between ratio of the state-owned shares and the Return on Assets （ROA） of the companies, that is, in the plane coordinate diagram, the ROA will show curve of firstly rising, then declining and finally rising again, with the rise of the ratio of the state-owned shares, which means some features of the country and the state-owned legal person lead to the formation of the curve.