央企结构调整改革、多元化经营与全要素生产率

Structural Adjustment Reform in State-owned Enterprises, Diversified Cooperation and Total Factor Productivity

减少企业盲目扩张的过度多元化是产能治理和高质量发展的重要举措。本文在明晰多元化经营对生产率影响效应的基础上,重点评估了2016年央企结构调整改革的政策效果。本文利用我国沪深A股制造业上市公司数据进行实证检验,结果显示,多元化经营通过管理低效和研发挤占渠道降低了全要素生产率,而央企结构调整改革有助于抑制多元化经营,并减弱多元化对生产率的折损效应。进一步地,在成熟度低、代理冲突高和外部治理差的企业中,结构调整改革对多元化折损效应的改善程度更大。此外,改革对地方国企产生了溢出效应,且抑制了央企尤其是多元化程度较高央企的金融投资。本文研究结论为完善企业多元化决策,优化央企结构调整政策以及促进经济高质量发展提供了经验证据。

Reducing the inefficient diversification is an important step for production capacity governance and high-quality development. On the basis of clarifying the impacts of diversification on productivity(TFP), this paper focuses on evaluating the effects of structural adjustment reform in state-owned enterprises in 2016. Empirical studies based on the listed companies of manufacturing industries show that diversification lowers TFP, which can be interpreted by the hypothesis of resource dispersion and management inefficiency. The reform on state-owned enterprises in 2016 helps to restrain diversification of state-owned enterprises and ease the negative effect of diversification on operational efficiency. In the companies with low maturity, high agency conflict and poor external governance, the reform on state-owned enterprises have a stronger governance effect on diversification discount. Moreover, the reform on state-owned enterprises has a spillover effect on local SOEs, and restrains the financial investment of state-owned enterprises, especially state-owned enterprises with a high degree of diversification. The conclusion provides empirical evidence for improving enterprise diversification decision-making, optimizing the structural adjustment policy of state-owned enterprises and promoting high-quality economic development.