国有资本授权经营能否助力国有企业高质量发展——来自A股国有上市公司的证据

Does Authorized Operation of State-owned Capital Help the High-Quality Development of State-owned Enterprises——Evidences from A-Share State-owned Listed Companies

自2014年开始逐步试点的国有资本授权经营体制改革是当前国资国企改革的重大举措,本文基于这一准自然实验,以2009—2019年A股国有上市公司数据为样本,运用多期DID方法实证考察国有资本授权经营对国有企业高质量发展的影响作用。研究发现,国有资本授权经营能够显著促进国有企业高质量发展。进一步分析表明,国有资本授权经营可以缓解政府干预和管理层代理问题,刺激企业技术创新和优化资源配置效率,促进国有企业高质量发展。异质性分析表明,在地方国有企业、竞争类国有企业、管理层权力较小以及外部制度环境较好的国有企业,国有资本授权经营对国有企业高质量发展的促进作用更为显著。

The reform of state-owned capital authorized operation system, which has been gradually piloted since 2014,is a major measure of the current reform of state-owned assets and state-owned enterprises.Based on this quasi natural experiment, this paper empirically examines the impact of state-owned capital authorized operation on the high-quality development of state-owned enterprises by using the staggered DID method with the data of A-share state-owned listed companies from 2009 to 2019.It is found that the authorized operation of state-owned capital can significantly promote the high-quality development of state-owned enterprises.Further analysis shows that the authorized operation of state-owned capital can alleviate the problems of government intervention and management agency, stimulate enterprise technological innovation and optimize the efficiency of resource allocation, and consequently improve the high-quality development of state-owned enterprises.The heterogeneity analysis shows that the promotion effect is more significant in local state-owned enterprises, competitive state-owned enterprises, state-owned enterprises with less management power and better external institutional environment.