“混改”对制造类国有上市公司治理效率的影响

Has the mixed ownership reform improved the governance efficiency of manufacturing state-owned listed companies

为进一步提升制造类国有上市公司的治理效率及快速转型,国家出台了《中国制造2025》战略性文件。文章以2013—2018年我国制造类国有上市公司为样本,通过引入托宾q值和净资产收益率两项指标分析了参与混合所有制改革对企业治理效率的影响。研究发现,引入非公有经济能够显著提高企业的治理效率,表现为市场价值和财务绩效的增加;同时分析得出股权混合的程度和市场价值、财务绩效之间均为倒U型关系。因此文章得出结论,在不断坚持和深化制造类国有企业混合所有制改革的同时,也要把握好混合所有制改革的力度。

In order to improve the governance efficiency of manufacturing state-owned listed companies and promote their rapid transformation during the"Made in China 2025"period,this article takes my country's manufacturing state-owned listed companies from 2013 to 2018 as a sample,introduces Tobin's q value and net asset income and analyzes the impact of participation in mixed ownership reform on corporate governance efficiency.The study found that the introduction of non-public economy can significantly improve the corporate governance efficiency,which is manifested in the increase of market value and financial performance.At the same time,the analysis shows that the degree of equity mixing and market value and financial performance are all in an inverted U-shaped relationship.Therefore,this article concludes that while continuing to persist and deepen the mixed ownership reform of manufacturing state-owned enterprises,we must also grasp the intensity of the mixed ownership reform.