竞争性国有企业混合所有制改革对企业盈利能力的影响研究

Research on the Impact of Competitive State:Owned Enterprises’Mixed Ownership Reform on Corporate Profitability

基于2015—2021国企数据,采用双向固定效应模型,研究混改后企业股权结构对盈利的影响,为竞争性国企混改提供参考。结果显示,提高股权深入度与盈利正相关,适度股权集中度也积极影响盈利。异质性分析指出东部地区混改效果较佳。稳健性检验支持结论,总体而言,混改通过提高股权深入度和适度股权集中度,对企业盈利有积极影响。研究为混改提供理论和实证支持,同时为企业提升盈利能力提供有益借鉴。

Based on data from 2015 to 2021,a two-way fixed effects model was used to investigate the impact of post-mixed-ownership reform on corporate profit by examining changes in the equity structure,which serves as a reference for the reform of competitive state-owned enterprises.The results indicate a positive correlation between increased equity depth and profitability,with moderate equity concentration also positively influencing profits.Heterogeneity analysis suggests that the reform’s effectiveness is higher in the eastern region.Robustness tests support the conclusion that,overall,mixed-ownership reform positively affects corporate profitability by increasing equity depth and achieving moderate equity concentration.It provides both theoretical and empirical support for mixed-ownership reform and offers valuable insights for companies aiming to enhance their profitability in practice.