“二次混改”增进国有企业的绩效了吗?——以六大试点央企旗下上市公司为例

Does Secondary Mixed Ownership Reform Improve the Performance of SOEs?:A Case Study of Listed Companies Belonging to Six Pilot Central SOEs

新一轮经济体制改革以来,"二次混改"被视为国有企业提质增效的一剂良方。那"二次混改"是否增进了国有企业的绩效呢?文章以"四项改革"中的六大试点央企旗下21家A股上市公司为例,比较分析其改革前后的经营绩效,研究结果发现"二次混改"并没有显著增进国企绩效,这一定程度上折射出"二次混改"在推进过程中的制度诟病。文章最后提出应循序渐进地推进"二次混改"、积极实施员工持股制度并使其常态化、有效保护中小股东利益等政策建议。

The secondary mixed ownership reform has been seen as good therapy of enhancing the quali- ty and efficiency of state-owned enterprises（SOEs） since a new round of economic system reform. Does the secondary mixed ownership reform improve the performance of SOEs？ Taking 21 A-share listed companies belonging to six pilot central SIDEs in four pilot reforms as an example, the operating performance of these companies before and after the reform is compared and analyzed. It is found that the secondary mixed ownership reform does not significantly improve the performance of SOEs. It re- flects the system problem of the secondary mixed ownership reform to some extent. Some suggestions are put forward including gradually promoting the secondary mixed ownership reform, actively implementing and normalizing the employee shareholding system, and effectively protecting the interests of minority shareholders.