混合所有制改革与劳动投资效率——源自沪深A股国有上市公司的经验证据

Mixed ownership reform and labor investment efficiency--Evidence form shanghai and shen zhen A-share state-owned listed companies

劳动力投资的有效配置是企业实现高质量发展的关键。本文以2007—2020年沪深A股国有上市公司为样本,检验混合所有制改革对劳动投资效率的影响及其作用机制。研究发现混合所有制改革能显著提高国有上市公司的劳动投资效率,强化监督和抑制预算软约束是混合所有制改革提高劳动投资效率的重要作用机制。进一步研究发现,混改对投资过度和投资不足的劳动投资效率均具有改善作用;在地方国企、信息透明度低、竞争性行业和市场化程度低的企业中,混改对劳动投资效率的提升作用更大。研究结论为国有企业混合所有制改革后果的研究提供了新证据,同时也对政府监管部门相关政策制定和混合所有制改革的持续推进提供一定的借鉴意义。

Effective allocation of labor investment is the key for enterprises to achieve high-quality development.Taking Shanghai and Shenzhen A-share state-owned listed companies from 2007 to 2020,this paper examines the influence of mixed ownership reform on labor investment efficiency and its mechanism.It is found that mixed ownership reform can significantly improve the labor investment efficiency of state-owned listed companies.Strengthening supervision and restraining soft budget constraints are important mechanisms for mixed ownership reform to improve labor investment efficiency.Further research finds that mixed-ownership reform can improve labor investment efficiency of over-investment and under-investment.In local state-owned enterprises,low information transparency,competitive industries and enterprises with low degree of marketization,mixed-ownership reform plays a greater role in improving labor investment efficiency.The research conclusion provides new evidence for the study of the consequences of mixed ownership reform in stateowned enterprises,and also has important reference significance for the relevant policy formulation of regulatory authority and the continued advancement of mixed ownership reform.