终极控制权、行业竞争与企业绩效——来自央企控股上市公司的经验证据

Ultimate Control Power,Industry Competition and Corporate Performance:The Empirical Evidence from the Listed Companies Controlled By Central Enterprises

随着“混合所有制改革”和“国企分类改革”的推进,基于行业竞争程度对国有企业终极控制权和企业绩效的系统审视显得尤为必要。本文基于2008~2016年的央企控股上市公司的经验数据,实证检验了终极控制权安排对企业绩效的影响,并进一步根据行业竞争程度分组检验。研究结果表明,国有终极控制权比例与企业绩效呈显著U形关系,且在竞争性越高的行业,U形关系越显著;控制层级与企业绩效呈显著的正相关关系,但是进一步的分组发现,该正相关关系只在高度竞争性行业显著,而在中低度竞争性行业不显著。本文据此提出相关政策建议。

With the implementation of"the mixed ownership reform"and"the classification of state-owned enterprises reform",it is necessary to examine the relationship between ultimate control power and corporate performance of state-owned enterprises under different competitive levels. Based on 2008-2014 years’ empirical data,this paper empirically tests the impact of the ultimate control power arrangement on the corporation performance in different competitive environments. The results show that, the relationship between ultimate state-owned holding ratio and corporate performance shows significantly U type,and the more competitive the industry is,the more significant the U type relationship is. There is a significant positive correlation between the control hierarchy and corporation performance in highly competitive industries. Finally,our conclusion offer rational guidance to the newly coming reform of central enterprises.