混合所有制改革何以影响国有企业投资效率?——基于公司治理视角的研究

How does Mixed Ownership Reform Affect the Investment Efficiency of State-owned Enterprises? Research Based on the Perspective of Corporate Governance

以2011—2021年A股上市国有企业为研究对象,实证检验混合所有制改革影响国有企业投资效率的过程和机理。实证结果表明,混合所有制改革能够有效提高国有企业的投资效率,并且公司治理水平在二者之间发挥了部分中介传导作用。进一步分析发现,较高的经济政策不确定性会削弱混合所有制改革对国有企业投资效率产生的积极作用。异质性分析发现,混合所有制改革对国有企业投资效率的提升作用在尚未建立董监高责任保险制度以及地方国有企业中更加显著。研究结论对促进国有企业混合所有制改革和长远发展具有重要的现实意义。

Taking state-owned enterprises(SOE) listed on the A-share from 2011 to 2021 as the sample,we test the mechanism by which mixed ownership reform affects the investment efficiency of SOE.The results show that mixed ownership reform can effectively improve the investment efficiency of SOE,and the level of corporate governance plays a partially intermediate role between them.Further analysis finds that higher economic policy uncertainty weakens the positive effect of mixed ownership reform on the investment efficiency of SOE.Heterogeneity analysis finds that the promotion role of mixed ownership reform on the investment efficiency of SOE is more significant in the absence of establishing a liability insurance system for directors and officers,and in local SOE.The conclusion has important practical significance for promoting the mixed ownership reform and long-term development of SOE.