分类改革提升了竞争类国企的投资效率吗?

Does Classification Reform Improve the Investment Efficiency of Competitive State-Owned Enterprises?

本文以2015年国企分类改革为准自然实验,考察分类改革对竞争类国企投资效率的影响。研究发现,分类改革显著提升了竞争类国企的投资效率,且投资效率的改善主要表现为对过度投资的抑制。考虑行业竞争程度的差异后发现,分类改革对竞争类国企投资效率的提升仅存在于低竞争行业中,并且这些公司的经营业绩在改革后也得到了显著提高。考虑地区差异后发现,在政府干预程度较高的地区,分类改革显著提升了国企的投资效率。作用机制分析发现分类改革显著改善了国企的股东治理,但未发现分类改革显著改善国企高管薪酬激励。本文从投资效率的视角为分类改革实施的积极效果提供了经验证据支持,同时也为深化分类改革提出了建议。

Based on the quasi-natural experiment of the classification reform policy in stateowned enterprises in 2015,this paper investigated the impact of the classification reform on the investment efficiency of competitive SOEs.We found that the classification reform has significantly improved the investment efficiency of competitive SOEs,which is mainly reflected in the inhibition of excessive investment.Considering the industrial differences,we found that the classification reform only has improved the investment efficiency of competitive SOEs in low-competition industries,and the operating performance of these companies is also significantly improved after the reform.Considering the regional differences,it is found that classification reform plays a more significant role in improving the investment efficiency of enterprises in regions with a high degree of government intervention.The functional approach test shows that the empirical results consistent with improving shareholder governance,but has failed to effectively improve the compensation incentive arrangement for executives of SOEs.From the perspective of investment efficiency,this paper provides empirical evidence for the positive effect of the implementation of classification reform,and also puts forward the direction for deepening the classification reform.