国企混合所有制改革对金融资产配置的影响

The Impact of the Reform of Mixed-ownership of State-owned Enterprises on the Allocation of Financial Assets of Enterprises

文章以2009-2018年A股制造业的国有混合所有制企业为样本,从企业金融资产配置的视角探讨国有企业混合所有制改革的经济后果。研究发现,总体上,股权混合度越高,越有可能对企业的金融资产配置行为产生抑制作用,但董事会规模会削弱这种相关性。作用机制检验表明,更多的创新投入是国有混合所有制企业影响金融资产配置的重要渠道。进一步研究发现,混合股权的影响主要集中在代理成本高的企业中,且主要对企业的长期金融资产配置行为产生作用。考虑外部环境的影响,混合股权的抑制作用在地区市场化水平低、媒体关注少的企业中表现得更加明显。研究结论不仅为非国有股东的治理作用提供新的经验证据,也为推进国有企业混合所有制改革提供政策参考。

Taking the state-owned mixed-ownership enterprises of A-share manufacturing industry in 2009-2018 as a sample,this paper discusses the economic consequences of the reform of mixed-ownership of state-owned enterprises from the perspective of financial asset allocation. In general,the higher the equity mix,the more likely it is to inhibit the financial asset allocation behavior of enterprises,but the size of the board of directors will weaken this correlation. The mechanism test shows that more investment in R&D innovation is an important channel for state-owned enterprises with mixed-ownership to influence the allocation of financial assets. Further research shows that the impact of mixed equity is mainly concentrated in the enterprises with high agency cost,and mainly affects the long-term financial asset allocation behavior of enterprises. Considering the influence of external environment,this paper finds that the inhibition effect of mixed equity is more obvious in enterprises with low level of regional marketization and less media attention. The conclusion of this paper not only provides new empirical evidence for the governance role of non-state-owned shareholders,but also provides policy reference for promoting the reform of mixed-ownership of state-owned enterprises.