国有企业高管跨体制联结与混合所有制改革——基于“国有企业向私营企业转让股权”的经验证据

State-Owned Enterprise Managers' cross System Ties and Reform of Composite-Ownership System

混合所有制改革的实质是要打破国有企业与私营企业之间存在的体制障碍,加强国有企业与私营企业之间的相互融合。那么,那些具有跨体制(即跨越国有企业和私营企业两种体制障碍)联结关系的国有企业高管,是否会有助于推进混合所有制改革呢?鉴于"国有企业向私营企业转让股权"是国有企业混合所有制改革的一条重要改革途径,因此本文基于国有上市公司的股权转让数据考察国有企业高管跨体制联结对国有企业向私营企业转让股权的影响,研究发现:与国有企业高管没有跨体制联结关系的情况相比,当国有企业高管拥有跨体制联结关系时,国有企业向私营企业转让股权的可能性较大;当跨体制联结关系是由内部董事形成,对于发生在管制性行业和不影响公司控制权变更的股权转让,高管跨体制联结对国有企业向私营企业转让股权的正向影响越强。本文进一步研究发现,国有企业高管跨体制联结主要通过传递交易信息和环境信息、缓解意识形态障碍等机制影响国有股权向私营企业转让。这些发现意味着,搭建国有企业高管与私营企业高管之间联系的桥梁和纽带,创造国有股权转让的公平交易环境,对助推国有企业混合所有制改革有重要意义。

The main purpose of Composite-Ownership System Reform is to break up the system barriers between the stateowned companies and the private companies,and to further strengthen the integration of these two types of firms.Could those state-owned companies' managers holding the cross system ties help to facilitate the Composite-Ownership System Reform? Since share transfer from state-owned companies to private companies is an important implementation path for the Composite-Ownership System Reform,this paper examines the influences of managers' cross system ties on the share transfer from stated-owned companies to private companies.The present paper finds that: compared with the state-owned companies whose managers don't have cross system ties,those companies whose managers have cross system ties are more likely to transfer their state-owned shares to private companies.When the cross system ties are formed by inside directors,and when the transfer of state-owned shares is in the regulation industries or doesn't have impact on control right turnover,the positive influences of manages' cross system ties on the transfer of state-owned shares to private companies are stronger.The paper further examines the influence mechanism and finds that: the influences of managers' cross system ties on the transfer of state-owned sharesmainly depend on both the transfer of the transaction information or environment information and the alleviation of ideological barriers.The findings document that it is important to facilitate the information sharing between state-owned companies' managers and private companies' managers,and to create a fair state-owned share transaction environmentfor promoting the reform of CompositeOwnership System.