混改背景下国企股权制衡对企业绩效影响的研究

A Study on the Impact of Balance Mechanism of Shareholding of State-owned Enterprises on Enterprise Performance under Mixed Ownership Reform

在经济进入新常态的背景下,混合所有制改革已被确定为推动和深化国企改革的重要战略部署。随着混改的推进,国企股权结构的变化势必会对企业的绩效产生影响。基于此,本文以2013—2017年国有上市公司为研究对象,运用多元回归的分析方法,研究混合所有制改革背景下国有企业股权制衡度对企业绩效的影响。研究发现:混改国企的股权制衡度与企业绩效呈倒“U”型关系,且第二大股东持股比例与企业绩效呈显著正相关关系,第二大股东持股比例增加对企业绩效有积极作用。混改国企中第二大股东是非国有股东,前两大股东性质不一致,则制衡有效。鉴于我国目前国有上市公司股权制衡水平较低的现实,应适当提高除第一大股东外其他大股东的持股比例并进一步深化国有企业混合所有制改革,引入和增加非国有资本和不同背景的战略投资者的比例,促进股权结构的多元化发展。

With the economy entering a new normal,,the reform of mixed ownership has been identified as an important strategic deployment to promote and deepen the reform of state-owned enterprises.With the advancement of the mixed reform,the change of the ownership structure of state-owned enterprises is bound to have an impact on the performance of enterprises.Based on this,this paper took the state-owned listed companies in 2013—2017 as the research object,and used the multiple regression analysis method to study the impact of state-owned enterprise equity balance on enterprise performance under the background of mixed ownership reform.It is found that the degree of equity balance and corporate performance of the mixed reform state-owned enterprises show an inverted"U"relationship,and the second largest shareholder's shareholding ratio has a significant positive correlation with corporate performance,and the increase of the second largest shareholder's shareholding ratio has a positive effect on corporate performance.The second largest shareholder in the mixed reform state-owned enterprises is the non-state-owned shareholder.If the nature of the first two shareholders is inconsistent,the checks and balances are effective.In view of the fact that the equity balance of state-owned listed companies in China is relatively low,it is proper to increase the proportion of major shareholders other than the largest shareholders and further deepen the reform of mixed ownership of state-owned enterprises,and introduce and increase the proportion of non-state-owned capital and strategic investors with different backgrounds to promote the diversification of ownership structure.