国企混改中股权结构对企业效率影响研究

Research on the Influence of Ownership Structure on Enterprise Efficiency in the Mixed Reform of State-owned Enterprises

基于国有企业混合所有制改革深化改革实践,以2013—2019年我国A股国有上市公司数据为样本,考察股权结构优化与非国有股东董事会权力对企业效率之间关系产生的影响。研究发现:国企混合所有制发展即股权层面的简单混合并不能显著改善其效率,国企股权结构多元化对企业效率具有显著的正向促进作用。因此,本文试图在国企分类改革的背景下,探究竞争性国企混改中股权结构多元化对企业效率的影响及其作用路径。

Based on the mixed ownership reform practice of state-owned enterprises,this paper takes the data of China's A-share state-owned listed companies from 2013 to 2019 as samples to investigate the impact of ownership structure optimization and board power of non-state-owned shareholders on enterprise efficiency.It is found that the development of mixed ownership of state-owned enterprises,namely the simple mixing of equity level,cannot significantly improve their efficiency,and the diversification of ownership structure of state-owned enterprises has a significant positive effect on enterprise efficiency.Therefore,this paper attempts to explore the influence of ownership structure diversification on enterprise efficiency and its action path in the mixed reform of competitive state-owned enterprises under the background of classified reform of state-owned enterprises.