国企混改、风险承担与地区市场化差异——基于沪深A股国有上市公司数据

Mixed Reform of State-owned Enterprises, Risk Bearing and Regional Marketization Differences:Based on Data of Shanghai and Shenzhen A-share Listed State-owned Enterprises

随着中国国有企业混合所有制改革的全面深化,企业运营过程中的风险承担问题也越来越受到广泛的关注。文章利用2014—2020年A股上市的国企数据,对混合所有制改革所产生的股权制衡与委派高管治理与企业自身的风险承担水平之间的关系进行深入分析与检验。研究结果表明:国企混改在整体上能够提高企业风险承担水平,国企混改对提升企业风险承担水平受到地区市场化程度的差异影响。据此,文章提出国企混改要注重完善公司的治理体系,合理确定非国有资本的股权比例以及要结合地区实情开展因地制宜的混改策略等建议。

With the comprehensive deepening of mixed ownership reform of state-owned enterprises in China,the problem of risk taking in the process of enterprise operation has been more and more widely concerned.Based on the data of a-share listed state-owned enterprises from 2014 to 2020,this paper makes an indepth analysis and test of the relationship between equity checks and balances and appointed executive governance caused by mixed ownership reform and the level of risk taking of enterprises themselves.The results show that:On the whole,state-owned enterprise mixed reform can improve the level of enterprise risk taking,and the effect of state-ow-ned enterprise mixed reform on the level of enterprise risk taking is affected by the difference of regional marketization degree.Accordin-gly,this paper proposes that the reform of state-owned enterprises should pay attention to the improvement of corporate governance sys-tem,reasonably determine the proportion of non-state capital's equity,and take measures according to local conditions according to regi-onal conditions.