非国有股比例、内部控制质量、管理层持股与国有企业绩效

The Relationship between Non-state Shareholder Shareholding, Quality of Internal Control,Management Shareholding and Performance of State-Owned Enterprises

基于A股上市中央企业2014-2018年的数据,分析非国有股东持股比例、内部控制质量、管理层持股对国企绩效的影响,提出促进国有企业混合所有制改革效果的建议。研究发现,非国有股东持股比例、内部控制质量、管理层持股与国有企业绩效正相关,混合所有制能够提升企业绩效。混合所有制改革发挥"国有资本放大、增值保值"功能的关键是引入非国有股东参与企业监督和管理,需要从以下四个方面做出努力:一是明晰政企边界,二是完善配套政策,三是加深改革深度,四是开放市场化选聘机制、强化员工激励。

Based on the data of state-owned enterprise from 2014-2018, we analyze the impact of non-state shareholders’ shareholding ratio, internal control quality, and management shareholding on the performance of state-owned enterprise, and make recommendations to promote the reform of mixed ownership system of state-owned enterprise. The study found that mixed ownership could enhance enterprise performance. The key to the reform of mixed ownership is to introduce non-state shareholders to participate in the supervision and management of enterprises. It is necessary to make efforts from the following four aspects: the first is to clarify the boundary between government and enterprises, the second is to improve supporting policies, the third is to deepen the depth of reform, and the fourth is to open up a market-based selection and recruitment mechanism and strengthen employee incentives.