政府参与企业治理能够提高企业绩效吗?——基于我国沪深A股上市企业的实证研究

Can Government Participation in Corporate Governance Improve Corporate Performance?——Based on Empirical Study of China's A-stock Listed Companies on Shanghai Stock Exchange and Shenzhen Stock Exchange

结合我国国有企业全面深化改革的现状,从制度嵌入的视角入手,研究政府通过股权与决策权等方式参与企业治理对于企业绩效的影响。具体而言,选取了沪深A股上市企业2012—2014年5个有代表性行业共计1 473个样本进行面板数据的回归分析,从实证的角度对上述问题加以量化研究,并分析了不同行业中二者关系的差异。实证结果表明,政府的股权嵌入对不同行业的企业经营绩效影响不同,对于房地产、石油化工、采掘等政策敏感性强的行业的经营绩效有正面影响;对于科技含量高、创新投入大的行业有较弱的正面影响;对市场趋于完全竞争,不存在或很少存在垄断势力、靠销售量的优势赚取利润的行业几乎没有影响。

Combining the current status of comprehensive and deepening reform in China＇ s state-owned enterprises, from the system-embedding perspective,this paper studies the impact of government participation in corporate governance through equity, decision-making power,etc. upon corporate performance. Specifically speaking, it selects 5 typical industries among A-share lis-ted companies on Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2012 to 2014 and uses 1473 data to make regression analysis of panel data. It makes the quantitative research on the above-mentioned issue from the empirical an-gle and analyzes the differences in their relationship among different industries. The results of analysis shows different impacts of governmental equity embedding on corporate performance among different industries： a positive impact on corporate performance among the policy-sensitive industries such as real estate industry, petrochemical industry, mining industry, etc. , a relatively weak positive impact among the industries with high scientific and technological contents and with high innovative input, and little impact among the industries with complete competition on the market, with no or little monopoly and with the sales volume advan-tage to make profits.