混合所有制改革能提升国有企业数字化水平吗?

Can Mixed Ownership Reform Improve the Digital Level of State-Owned Enterprises

数字经济对激发微观主体生产动能和推动宏观经济高质量发展至关重要,实质性地改善国有企业的数字化水平构成新时代国有企业改革实践的关键内容。本文通过手工搜集整理2008—2020年国有上市公司的股东关系和委派董事数据,以非国有股东治理测量国有企业的混合所有制改革程度,采用双向固定效应回归模型,实证分析了非国有股东治理对国有企业数字化水平的影响及作用机制。研究发现:非国有股东派出董事参与治理可以缓解政府干预、改善经营效率以及降低信息不对称,从而提升国有企业的数字化水平;进一步研究发现,前述效果在2017年国务院首次提出发展“数字经济”后更为明显,并且在商业竞争类以及金融科技环境较好的国有企业中更为突出。最后,非国有股东参与治理对国有企业数字化水平产生驱动效应后,显著提升了国有企业的生产效率以及市场价值。研究结论表明混合所有制改革显著推进了国有企业的数字化转型进程,不仅对企业数字化和国有企业混合所有制改革的学术研究作出重要拓展,也为政府部门统筹擘画传统产业数字化转型和数字科技服务实体经济发展提供政策参考。

Digital transformation is crucial for stimulating new development momentum of micro-economic entities and boosting high-quality macroeconomic development.To effectively improve the digital level of state-owned enterprises constitutes the crucial link of the reform practice of state-owned enterprises in the new era.By manually collecting and sorting the shareholder relationship and appointed director data of state-owned listed companies from 2008 to 2020,it used non-state shareholders’governance to measure the degree of mixed-ownership reform of state-owned enterprises,and adopted two-way fixed effects model to empirically explore the influence and mechanism of non-state shareholders’governance on the digital level of state-owned enterprises.The result shows that non-state shareholders’sending directors to participate in state-owned enterprises effectively alleviate government intervention,improve operational efficiency and reduce information asymmetry,thereby promoting the digital level of state-owned enterprises.Further research finds that the aforementioned effects are more pronounced after the State Council first proposed the development of“Digital Economy”in 2017.And the effect is more significant in state-owned enterprises with commercial competition or with better financial technology environments.Finally,after the non-state shareholders’governance has a driving effect on the digital level of state-owned enterprises,it significantly improves the productive efficiency and market value of state-owned enterprises.The conclusions indicate that mixed ownership reform has significantly promoted the process of digital transformation of state-owned enterprises,which not only greatly expands the academic research on enterprise digital level and mixed-ownership reform of state-owned enterprises,but also provides policy reference for government departments to draw up the digital transformation of traditional industries and digital technology to serve the development of real economy.