基于异质股东的混合股权结构对国企双重任务的影响分析

Analysis on Impact of the Heterogeneous Shareholders' Mixed Ownership Structure on the Dual Tasks of State-owned Enterprises

以2010—2015年央企控股上市公司为样本,从股东主体多样性、股东深入性和股权混合度三方面入手,实证分析了国企混合股权结构对企业社会责任和经济绩效的影响。并基于国企分类改革的现实背景,将总样本分为商业竞争类和特殊功能类,进一步分析和巩固原有结论。研究发现:股东主体多样性和股权混合度具有促进企业经济绩效、削弱社会责任的作用;四类股东对于双重任务的作用取决于其主体身份,同时这种作用会很明显地受到股权混合度的交互干预影响;混合股权结构对双重任务的作用在商业竞争类企业中的效果更加明显。

Taking the listed companies 2010-2015 controlled by central enterprises as a sample,we empirically analyze the effect of mixed ownership structure on the dual tasks,namely,the corporate social responsibility(CSR)and the corporate economic performance(CEP),in Chinese state-owned enterprises from three perspectives:the diversity of shareholders,the depth of shareholders and the degree of mixed equity(DME).Furthermore,we re-estimate the results in two functional enterprise types,commercial competition enterprises(CCEs)and special function enterprises(CFEs),and find that the diversity and the DME promote the CET and weaken the CST.Although the depth of the effect is determined by the nature of the shareholders,the DME plays a more obvious role in the interaction between the depth and the DME,and moreover,the effect of mixed ownership is more effective in CCEs than in SFEs.