深化国有企业改革与企业全要素生产率增长:基于内部监管治理的视角

State-Owned Enterprise Reform and Corporate Total Factor Productivity Growing: Based on the Perspective of Internal Governance Regulation

以国办发[2016]63号文为政策冲击构造准实验,评估建立严格的责任追究制度对国有企业全要素生产率的影响效应。研究发现:总体上,建立责任追究制度显著提高了国有企业的全要素生产率,对企业高质量发展产生了积极作用。机制上,建立责任追究制度显著抑制了国有企业的违规决策与盈余管理行为,进而提高了企业盈利能力与内部控制质量,即改善内部代理冲突、降低代理成本是促使企业效率提升的重要途径。此外,制度完善对企业创新活力的影响并不显著,表明以监管和约束为主的制度改革并不会起到激励创新的效果。下一步,监管改革需要在鼓励和引导国有企业自主创新方面有更多作为。

This paper takes the Document No. 63 issued by General Office of the State Council in August 2016 as the policy impact and construct a quasi-experiment, which evaluates the impact of establishing a strict accountability system on the total factor productivity of state-owned enterprises. It is found that: on the whole, the establishment of accountability system has significantly improved the total factor productivity of state-owned enterprises and played a positive role in the high-quality and efficient development of enterprises. In terms of mechanism, the establishment of accountability system significantly inhibited the violation decision and earnings management of state-owned enterprises, and then improves the profitability and internal control quality of enterprises, that is, improving internal agency conflict and reducing agency cost are important ways to improve the efficiency of enterprises. Additionally, the impact of institutional improvement on the innovation vitality of enterprises is not significant, indicating that the system based on regulation and constraint would not stimulate innovation. In the next step, the regulatory reform needs to focus on encouraging and guiding the independent innovation of state-owned enterprises.