不同股权类型制衡度对国有企业双重任务的影响分析

Analysis on the Influence of Varied Equity Balance Degree on Double-task in State-owned Enterprises

当前国家对国有经济"混合所有制"改革的推进,使国有企业产生了更加复杂的治理关系。国企关系中,国有股东对经济与社会的双重需求与非国有股东纯粹的经济追求存在冲突与差异,构成了异质委托的特殊情境。在异质委托情境下分析非国有股东与国有股东的不同权力制衡,及其对国有企业双重任务的影响机理,可为国有经济混合所有制改革推进及国企治理完善提供理论指导。以2010~2017年沪深两市中央企业控股上市公司为研究样本,借助多元回归统计分析,实证揭示了非国有股东与国有股东的股权制衡度对双重任务的影响差异,以及通过企业社会责任滞后影响企业经济绩效的动态作用机理。发现外资股东与国有股东的股权制衡度负向影响企业经济绩效,正向影响企业社会责任;个人股东及机构股东与国有股东的股权制衡度均和企业经济绩效正相关,和企业社会责任负相关;企业社会责任负向影响企业经济绩效;更进一步发现,不仅企业社会责任对企业经济绩效存在滞后性影响效应,而且企业社会责任在股权制衡度与企业经济绩效之间的中介效应也存在显著滞后性。

Currently,the country is pushing forward the reform in＂mixed ownership＂of state-owned economy,resulting in a more complex governance relation in the state-owned enterprises.As the state-owned shareholders chase economic performance and social responsibility,while the non-state-owned shareholders only care economic performance,the diversity causing a special varied consignation in the state-owned enterprises.Under such situation,analyzing the equity balance degrees of non-state-owned shareholders and state-owned shareholders,and their influence mechanism,can give a complete theoretical direction in pushing forward the mixed ownership reform and the state-owned enterprises governance.Taking the listed companies controlled by central state-owned enterprises in Shanghai and Shenzhen stock market from2010 to 2017 as the studying sample,with the multiple regression statistical analysis,we have revealed the mechanism with empirical analysis that the equity balance degrees of non-state-owned shareholders and state-owned shareholders have different effects on the double-task and the corporate social responsibility has a delay effect on the economic performance.Results show that the equity balance degree of foreign shareholders and state-owned shareholders has negative relation with corporate economic performance,while positively correlating with social responsibility;the equity balance degree of institutional shareholders and state-owned shareholders has positive relation with corporate economic performance,while negatively correlating with corporate social responsibility;the individual shareholders have the same effect on institutional shareholders;corporate social responsibility has negative relation with corporate economic performance;with further conclusion,the corporate social responsibility not only has a delay effect on the economical performance but also has a more obvious mediation delay effect between the equity balance degree and corporate economic performance.