混合所有制改革中股权结构多元化对企业投资结构的影响研究

Research on the Influence of Diversification of Ownership Structure on Corporate Investment Structure in Mixed-Ownership Reform

混合的股权结构是经济转型中的特有现象,也是当前公司治理领域关注的热点。本文检验了国有上市公司多元化的股权结构对投资结构的影响,研究发现:混合所有制改革中,不同股权制衡度和股权集中度对企业流动资产投资、长期股权投资、固定资产投资、无形资产投资具有不同影响;在混改“七大领域”与非重点领域,股权结构对投资结构影响存在异化;在不同控制层级国有企业中也存在异质性。应当在基本维持原有水平的情况下展开混合所有制;分别制定适当曲改革措施;积极在市级控制的国有企业进行混合所有制改革,发挥不同性质股东的作用。

The mixed ownership structure is the special phenomenon in the economic transformation and also the hot topic in the field of corporate governance. This paper examines the influence of diversification of ownership structure on investment structure of state-owned listed companies. It finds that: In the mixed-ownership reform, different ownership balance and concentration have different effects on the current assets investment, long-term equity investment, fixed assets investment and intangible assets investmen. In the reform of " seven fields"and non key areas, the influence of ownership structure on investment structure is dissimilated. Heterogeneity also exists in state-owned enterprises at different control levels. Mixed ownership should be carried out while the original level is basically maintained. We should make different reform measures separately, conduct the reform of mixed ownership in state-owned enterprises controlled at the municipal level, and play the role of shareholders of different nature.