高端装备制造业国有股权比例的“底部价值陷阱”研究

Study on“Pitfall of Bottom Value”in Proportion of State-Owned Stock Right in High-End Equipment Manufacturing Industry

混合所有制改革中国有股权占比多少,一直是理论研究和实践推进尚未达成一致的问题。文章利用高端装备制造业上市公司2005—2015年数据,以国有股权对企业绩效的影响为视角,通过实证分析发现高端装备制造业国有股权与企业绩效间呈现"U"型关系,存在国有股权"底部价值陷阱"现象,并在不同行业领域内存在差别。这一结论充分表明,在不同行业中国有股权的退出是有底线的,并且国有股权退出的底线因行业不同存在差别。因此,在推进国企混合所有制改革过程中,应依据国有企业的功能分类,适度安排国有股权比例,既打破国企的垄断性,又确保国有企业发展的效率。

The proportion of state-owned stock right in the reform of mixed ownership is a problem unsolved in the theoretical study and practice. This article adopts the data of 2005-2015 of the listed high-end equipment manufacturing industry, finds out through empirical analysis a＂U＂shape relationship between stateowned stock right in high-end equipment manufacturing industry and performance of the enterprise and a＂Pitfall of Bottom Value＂phenomenon of state-owned stock right with difference among different industries. This conclusion shows fully that there is a bottom line in the exit of stock right with different reasons. Therefore, in the reform of mixed ownership of state-owned enterprises, the proportion of state-owned stock right should be appropriate according to the classification of the function of enterprises, which can break the monopoly of state-owned enterprises and ensure their efficiency as well.