混合所有制、非国有大股东治理与国有企业并购效率

Mixed Ownership System,Governance of Non-state-owned Large Shareholders and M&A Efficiency of State-owned Enterprises

基于国有企业大力推行混合所有制改革这一背景,深入考察混合所有制对国有企业并购效率的影响及作用机制。研究发现,实施混合所有制改革提高了非国有股权比例,这有利于国有企业实现“少而优”的并购,即降低并购发生的可能性,但所选项目能够获得优质的并购绩效,整体上表现出较高的并购效率,而且这种促进作用在非国有大股东参与国企公司治理时更加显著。进一步研究发现,当混改国企处于竞争性行业或属于地方国企时,非国有大股东治理效应的作用机制更加凸显。所得结论有助于深化混合所有制改革,为国有企业利用市场化力量“混”股权、“合”治理以及实现国企价值创造提供经验证据。

Based on the background that state-owned enterprises vigorously carry out the reform of mixed ownership,this paper makes an in-depth study of the influence of mixed ownership on the efficiency of mergers and acquisitions of state-owned enterprises and its mechanism.It is found that the implementation of mixed ownership reform and the increase of the proportion of non-state-owned shares are conducive to the realization of“less but better”M&A activities of state-owned enterprises,that is,to reduce the possibility of M&A,but the selected projects can obtain high-quality M&A performance and show high M&A efficiency on the whole.Moreover,this promotion effect is more significant when non-state-owned large shareholders participate in the corporate governance of state-owned enterprises.Further research shows that when the mixed reform state-owned enterprises are in competitive industries or belong to local state-owned enterprises,the mechanism of non-state-owned large shareholders governance effect is more prominent.The conclusion is helpful to deepen the reform of mixed ownership,provides empirical evidence for state-owned enterprises to use market forces to“mix”equity,“corporate”governance and provides empirical evidence for the realization of state-owned enterprises'value creation.