国企实际控制人、市场化程度与企业绩效

Actual Controller of State-Owned Enterprises,Marketization Degree and Enterprise Performance

以政府为实际控制人的国有企业承担着实现经济高质量发展的重大责任使命,其绩效水平对国民经济具有至关重要的作用,本文以2007—2018年中国A股国有上市公司为研究对象,检验了国有企业内部不同类型实际控制人对企业绩效的影响,以及市场化程度对二者关系的调节作用。结果表明,国企实际控制人会正向影响企业绩效,且在中央控股国有企业中更加明显;市场化程度能正向调节国企实际控制人与企业绩效的关系,且在中央控股国企中更加明显。进一步研究发现,国企实际控制人对企业绩效的促进作用以及市场化程度调节作用在混合所有制改革政策后和媒体监督较强的国企中更加明显。

This paper takes China’s A-share state-owned listed companies from 2007 to 2018 as the research objects,and tests the influence of different types of actual controllers in state-owned enterprises on enterprise performance,as well as the moderating effect of marketization degree on the relationship between them.The results show that the actual controller of state-owned enterprises will have a positive impact on enterprise performance,which is more obvious in the state-owned enterprises controlled by the central government;the degree of marketization can positively regulate the relationship between the actual controller of state-owned enterprises and enterprise performance,and the moderating effect is more obvious in the central holding state-owned enterprises.Further study found that the promotion effect of the actual controller of state-owned enterprises on enterprise performance and the regulation effect of marketization degree are more obvious in the state-owned enterprises with strong media supervision after the mixed ownership reform policy.