混合所有制改革、供应链协作与企业高质量发展——基于国有上市公司的实证分析

Mixed Ownership Reform,Supply Chain Collaboration and Corporate High-quality Development:An Empirical Analysis of State-owned Listed Companies

依据2009-2020年国有上市公司面板数据,构建渐进双重差分模型和中介效应模型,考量国企混改对国有企业高质量发展的影响以及供应链协作对二者关系的中介作用。结果表明:国企混改能直接或间接地推动国有企业的高质量发展;供应链协作,包括协同供应链创新和增强供应链信任,在国企混改促进国有企业高质量发展中发挥中介作用。进一步分析发现,上述促进作用在地方国企以及行业竞争程度更高、地区市场分割程度更低的国有企业中更为明显。鉴于此,应继续推进分类混改以提升政策成效,发挥供应链协作的积极意义,促进供应链企业的联动发展。

Based on the panel data of state-owned listed companies from 2009 to 2020,this paper utilizes the staggered Difference-in-Difference model and the mediation effect model to investigate the impact of the mixed ownership reform of state-owned enterprises(SOEs)on corporate high-quality development,as well as the intermediary role of supply chain collaboration in above relationship.The findings indicate that the mixed reform of SOEs can directly or indirectly facilitate the corporate high-quality development.Furthermore,supply chain collaboration,including collaborative supply chain innovation and supply chain trust,plays a mediating role in above effect.Additional analysis reveals that the above effect is more significant for local SOEs,and those in higher competitive industries and higher market integration.Consequently,it is imperative to continue promoting the classified mixed ownership reform to enhance the efficacy of the policy,and to harness the positive significance of supply chain cooperation for fostering the interconnected development of supply chain companies.