竞争性国有企业混合所有制改革模式选择及影响因素

Model Selection and Influencing Factors in the Reform of Competitive State-owned Enterprises with Mixed Ownership

竞争性国有企业混合所有制改革可供选择的主要模式、不同模式对企业绩效的影响及影响模式选择的主要因素鲜有文献基于大样本进行实证研究.基于此,使用沪深上市的793家竞争性国有企业2007-2017年7659个面板数据为样本,对上述问题进行实证研究,研究发现:(1)竞争性国有企业主要通过三种模式即引入民营资本、引入外资及员工持股进行混合所有制改革;(2)在竞争性国有企业混合所有制改革模式选择的过程中存在着“优序选择”的现象,引入外资对企业绩效的提升作用优于引入民营资本和员工持股计划;(3)我国整体宏观环境有所保留,竞争性国有企业不希望引入非国有资本比例过高以造成国有资产流失;出于公司治理的角度更希望通过引入外资这种模式进行混合所有制改革;业绩成长性越好的企业越有动力通过实施员工持股计划释放企业业绩增长的信号.

This paper studies the main modes of mixed ownership reform for competitive state-owned enterprises,the influence of different models on enterprise performance,and the main factors that affect the choice of mode.It is found that:(1)Competitive state-owned enterprises mainly carry out mixed ownership reform through three modes,namely,the introduction of private capital,the introduction of foreign capital and employee shareholding plan.(2)There is a problem of priority selection in the process of mixed ownership reform in competitive state-owned enterprises,and the effect of introducing foreign capital on enterprise performance is better than that of private capital and employee shareholding plan.Moreover,the effect of employee shareholding plan on enterprise performance is limited,and there is an“employee shareholding trap”.(3)The overall macro environment of our country is reserved,and the competitive state-owned enterprises do not want to introduce too high proportion of non-state-owned capital to cause the loss of state-owned assets.From the perspective of corporate governance,it is more desirable to carry out mixed ownership reform through the introduction of foreign capital;the better the performance growth of enterprises,the more motivated they are to release the signal of enterprise performance growth through the implementation of employee stock ownership plan.