讨论前置制度与国有企业全要素生产率——来自准自然实验的证据

Discussing Before Systems and Total Factor Productivity of SOEs——Evidence from Quasi-experimental Studies

讨论前置制度是党组织内嵌公司治理结构的重要制度安排和国企党建的重要实践要求。本文基于群体决策理论,厘清了讨论前置制度促进企业全要素生产率的内在逻辑和影响机理,并通过构建多期双重差分模型,以2010年至2019年中国沪深A股非金融类上市公司为研究样本进行实证检验。研究发现,讨论前置制度对企业全要素生产率具有促进作用。中介机制分析表明,讨论前置制度通过降低企业代理成本提升企业全要素生产率。异质性检验结果显示,当企业被巡视监督以及所属地区的市场化水平较高时,讨论前置制度对企业全要素生产率的促进作用更明显。进一步研究发现,讨论前置制度显著增强了企业的创新意愿,具体表现为提升了对研发人员与研发资金的投入强度。上述研究为国有企业贯彻落实讨论前置制度,全面深化党组织参与企业治理提供参考依据。

The discussion before system is an important institutional arrangement of the party organization embedded in the corporate governance structure and an important practical requirement for party building in state-owned enterprises.Based on group decision theory,this paper clarifies the internal logic and impact mechanism of discussion before system to promote the total factor productivity of enterprises,and empirically tests it by constructing a multi-period double difference model with a research sample of non-financial listed companies in China’s Shanghai and Shenzhen A-shares from 2010 to 2019.The study finds that the discussion before system has a boosting effect on the total factor productivity of firms;the analysis of the mediating mechanism indicates that the implementation of the discussion before system promotes the total factor productivity of firms by reducing their agency costs;the results of the heterogeneity test show that the boosting effect of the discussion before system on the total factor productivity of firms is more pronounced when the firms are supervised and the marketization level of their regions is higher;further study found that the discussion before system significantly enhances enterprises’willingness to innovate,as evidenced by the increase in the intensity of investment in R&D personnel and R&D funds.The above study provides a reference for state-owned enterprises to implement the discussion before system and deepen the participation of party organizations in corporate governance.