混合所有制改革对企业价值的影响研究

Research on the Impact of Mixed Ownership Reform on Enterprise Value

为了探究混合所有制改革与企业价值之间的关系,促进国有企业提升企业价值、释放经济活力,文章从混合所有制改革的事件和内容两个层次入手,利用2016—2021年的A股上市国有企业数据,探究混合所有制改革对国有企业价值产生的影响。研究发现,混合所有制改革对企业价值有正向影响,通过改善管理制度比通过优化股权结构更能对企业价值产生正向影响。研究表明,管理制度改善可以通过提高国有企业的费用管理水平,进而提升国有企业价值。通过异质性分析可以发现,在国有企业控制权未发生转移的情况下,股权结构优化及管理制度改善均对企业价值有显著的正向影响。文章的研究结论和建议为国有企业混合所有制改革的下一步改进提供了一些理论支持。

In order to explore the relationship between mixed ownership reform and enterprise value,promote state-owned enterprises to enhance enterprise value and release economic vitality,this paper starts from the two levels of mixed ownership reform events and content,and uses the data of state-owned listed enterprises from 2016 to 2021 to study the impact of mixed ownership reform on enterprise value.Through the research,it can be found that mixed ownership reform has a positive impact on enterprise value,and the improvement of management regime has a more significant positive impact on enterprise value than the optimization of equity structure.Further research shows that the improvement of management regime can improve the expense management ability of state-owned enterprises,and then enhance the value of state-owned enterprises.Through the heterogeneity analysis,it can be found that the optimization of equity structure and improvement of management regime have a significant positive impact on enterprise value when the control right of state-owned enterprises is not transferred.Finally,the research conclusions and suggestions provide some theoretical support for further promoting the mixed ownership reform of state-owned enterprises.