混合所有制改革模式对生产要素投入效率的影响——基于沪深两市上市公司的实证分析

The Impact of Enterprises Production Factors Investment on Performance Under Different Modes of Mixed Ownership Reform:Based on Empirical Analysis of Listed Companies in Shanghai and Shenzhen

国企混改有整体上市、引进战投、员工持股三种典型模式。2013年至今,随着国企混改的不断推进,不同混改模式对企业生产要素投入效率的影响渐受重视。文章从国企混改模式的视角出发,以2013年初至2015年末成功完成一种或多种混改模式的沪深两市上市公司作为观察样本,聚焦不同混改模式下企业三种生产要素投入对其2016-2018年绩效正效应的差异。通过实证研究发现,三种典型模式下,企业技术、资本和劳动要素投入效率显著提升。其中,技术和劳动要素在员工持股模式下,对企业绩效产生的正效应最大;资本要素在引进战投模式下,对企业绩效产生的正效应最大。文章既拓宽了国企混改背景下生产要素对企业绩效的影响研究,又为相关企业选择混改模式提供了参考。

Overall listing,introduction of strategic investors and ESOP are three main modes of mixed ownership reform of state-owned enterprises.With the boost of the mixed ownership reform process in 2013,the impact of different modes of mixed ownership reform on enterprises technology,capital and labor investment efficiency has gain more attention.From the perspective of modes of mixed ownership reform,we take A-share companies which have successfully carried out one or many modes of mixed ownership reform between the beginning of 2013 and the end of 2015,and examine different posi tive impacts of these three production factors on enterprises performance under different modes of mixed ownership re form from 2016 to 2018.Results show that under these three main modes,enterprises technology,capital and labor invest ment exert more significant positive impact on enterprises performance;enterprises technology and labor investment ex ert most significant positive impact on enterprises performance under ESOP;enterprises capital investment exert the most significant positive impact on enterprises performance under introduction of strategic investors.This paper not only broadens the research on the influence of production factors on enterprises performance under the background of mixed reform of state-owned enterprises,but also provides a reference for relevant enterprises to choose mixed reform mode.