混合所有制改革与企业价值提升——基于上市国有企业的实证研究

Reform of Mixed Ownership and Promotion of Enterprise Value——An Empirical Study Based on Listed State-owned Enterprises

国有企业进行混合所有制改革是我国新常态下经济转型的重要突破口,也是保持我国宏观经济社会健康、平稳、快速发展的重要举措。本文利用中国上市国有企业2010~2019年的面板数据,采用双重差分的方法检验混合所有制改革是否提升了企业价值。实证结果显示,混合所有制改革政策的实施对企业价值的提升具有显著的促进作用,当企业的控制权发生转移时,这种促进效果更明显。进一步研究发现,混合所有制改革显著提高了企业创新,并通过研发投入和人力资本两种途径作用于企业价值。按照企业在政策实施前的不同初始状态进行分组,高负债率组和高代理成本组的企业价值的提升幅度更明显,与地方国企和垄断性企业相比,中央国企和竞争性企业的改革效果更显著。

The reform of mixed ownership by state-owned enterprises is an important breakthrough in China's economic trans⁃formation under the new normal,and it is also an important measure to maintain a healthy,steady and rapid development of China's macroeconomic society.This paper uses the panel data of China's listed state-owned enterprises from 2010 to 2019 to test whether the mixed ownership reform improves the enterprise value by using difference-in-differences method.The empirical results show that the implementation of the mixed ownership reform policy has a significant promotion effect on the promotion of corporate value,and this promotion effect is more obvious when the corporate control right is transferred.Further research shows that the reform of mixed ownership significantly improves the innovation of enterprises and affects the value of enterprises through research and deve⁃lopment investment and human capital.According to the different initial state of enterprises before the implementation of the policy,the enterprise value of the high debt ratio group and the high agency cost group increased more significantly.Compared with the local state-owned enterprises and monopoly enterprises,the reform effect of the central state-owned enterprises and competitive enterpri⁃ses is more significant.