混合所有制改革、产权性质与企业风险变化

Mixed Ownership Reform,Property Rights and Enterprise Risk Changes

加强国有企业混合所有制改革中的风险管控是实施经济结构调整的重要保障之一。选取2000—2015年中国A股上市企业为样本,对不同分类特征下的混合和非混合所有制企业风险水平进行非平衡面板实证比较研究。结果表明:混合所有制企业的系统性风险(Beta系数)和财务风险(Z指数)确实低于非混合所有制企业,但资本市场的回归结果显示,其中混合所有制国有控股企业的风险水平表现相对较低,而混合所有制民营控股企业的风险水平则要高,这说明当企业从非混合向混合国有控股转变,或是在国有企业中引入非国有资本时能够降低企业的经营风险,而当企业从非混合向混合民营控股转变,或是在民营企业中引入国有资本时反而会增加企业的经营风险,但无论是从非混合向混合国有控股转变,还是向混合民营控股转变,企业的收益波动风险都会显著提升。

Strengthening risk management and control in the reform of state-owned enterprises’mixed ownership system is one of the important guarantees for implementing economic restructuring.Selecting 381 sample companies listed from 2000 to 2015,the unbalanced panel empirical comparative study on the risk level of mixed and non-mixed ownership enterprises under different classification characteristics shows that the systemic risk(Beta coefficient)of the mixed ownership enterprise and financial risk(Z index)is indeed lower than that of the non-mixed ownership enterprises,but the regression results of the capital market show that the risk level of mixed-ownership state-owned holding enterprises is lower than that of general state-owned enterprises,while the risk level of mixed-ownership private holding enterprises is higher than general private enterprises,which shows that when the company shifts from non-mixed to mixed state-owned holdings,or when non-state-owned capital is introduced into state-owned enterprises,it can reduce the enterprise risks,and when the enterprise changes from non-mixed to mixed privately-controlled,or when the stateowned capital is introduced into the private enterprise,it will increase the enterprise risks.However,no matter the enterprise changes from non-mixed to mixed state-owned,or it changes to mixed privately-controlled,the enterprise risks of fluctuations in earnings will increase significantly.