政府控制程度、混合所有制结构与企业绩效

Degree of Government Control, Mixed Ownership Structure and Firm Performance

随着混合所有制改革实践的推进,外部政府控制行为与内部混合所有制结构的交互作用及其影响逐渐成为了研究热点。本文分析了政府控制程度、混合所有制结构影响企业绩效的机理和效果,并以2014~2018年我国A股上市的国有企业为研究对象,实证检验了三者之间的关系。结果表明:政府控制程度与企业绩效呈正U型关系,阈值为0.554;混合所有制结构与企业绩效呈倒U型关系,阈值为0.631;当政府控制程度低于阈值时,混合所有制结构能够发挥显著的负向调节作用,缓解政府控制程度对企业绩效的负面影响,当政府控制程度高于阈值时,混合所有制结构的正向调节效应不显著,政府控制程度对企业绩效的作用更重要。

With the promotion of mixed ownership reform practice,the interaction between external government control behavior and internal mixed ownership structure and its effect has gradually become a research hotspot.This paper analyses the mechanism and effect of the degree of government control and mixed ownership structure on firm performance.The state-owned enterprises listed on China’s A-share market during the period of 2014 to 2018 are taken as the research objects.This paper examines the relationship between these three factors by empirical method.The results provide evidence that the degree of government control has a positive U-shaped relationship with firm performance,and the threshold is 0.554.Mixed ownership structure has an inverted U-shaped relationship with firm performance,and the threshold is 0.631.When the degree of government control is lower than the threshold,mixed ownership structure can play a significant negative regulatory role to mitigate the negative impact of government control on enterprise performance.When the degree of government control is higher than the threshold,the positive moderating effect of mixed ownership is not significant,and the degree of government control plays a more important role in enterprise performance.