国有参股与民营企业绩效--基于异质性视角

State-owned Stock Participation and the Performance of Private Enterprises:Based on the Perspective of Heterogeneity

获取2010至2018年全部A股民营上市公司数据,基于异质性视角实证探究国有参股与民营企业绩效的关系。得出如下结论:国有参股整体上对民营企业绩效有显著的改善作用;国有资本注入到较高竞争性行业的“表现”更佳,对于较低竞争性行业的影响并不显著;与市场化水平较低的中西部地区相比,在市场化水平较高的东部地区,国有参股对企业绩效有更显著的改善作用。不仅拓展了“混改”疆界,一定程度回应关于国有股权的争议,也从更加具体的视角整体考核国有参股的作用,丰富已有关于混合所有制的研究。

Obtaining the data of all A-share private listed companies from 2010 to 2018,the paper empirically explores the relationship between state-owned equity participation and performance of private enterprises from the perspective of heterogeneity.The following conclusions are drawn:the overall performance of private enterprises has a significant improvement of state-owned equity participation;the"performance"of state-owned capital injected into highly competitive industries is better,but the influence on less competitive industries is not significant.Compared with the central and western regions where the level of marketization is lower,in the eastern regions state-owned equity participation has a more significant effect on the improvement of enterprise performance.It not only expands the boundary of"mixed ownership reform"and responds to the controversy about state-owned equity to some extent,but also evaluates the role of state-owned equity participation from a more specific perspective and enriches the existing studies on mixed ownership.