国企混改、公司治理与企业绩效研究

Research on Mixed Reform of State-owned Enterprises,Corporate Governance and Enterprise Performance

发展混合所有制经济是深化新时期国企改革的重点。基于公司治理视角,系统分析国企混改对企业绩效的影响机制,以2010—2022年全部沪深上市国有企业数据为样本,采用固定效应模型、中介效应模型及双重差分模型分析引入战略投资者这一混改方式对国有企业公司治理和企业绩效的影响。实证结果表明:国企混改有利于提升企业绩效;公司治理在国企混改对企业绩效的影响中能够起到部分中介传导作用。进一步研究发现,国企混改政策的推行本身对于企业绩效有积极的政策效应;国企混改对企业绩效的影响效果在央企和地方国企、竞争性行业和垄断性行业里均有所不同。因此,政府应发挥引导和监管作用,深化国资国企改革,推动国有企业与民营资本合作共赢,战略投资者也应积极响应国家政策,助力国资民企合作共赢。

The development of mixed ownership economy is the focus of deepening the reform of state-owned enterprises in the new period.Based on the perspective of corporate governance,this paper systematically analyzes the impact mechanism of the mixed reform of state-owned enterprises on enterprise performance,takes the data of all state-owned enterprises listed in Shanghai and Shenzhen from 2010 to 2022 as samples,and uses the fixed-effect model,intermediary effect model and double difference model to analyze the impact of the mixed reform method of introducing strategic investors on the corporate governance and corporate performance of state-owned enterprises.The results show that the mixed reform of state-owned enterprises is conducive to improving the performance of enterprises;that the mixed reform of state-owned enterprises has a positive effect on improving the level of corporate governance;In the research framework of“mixed reform of state-owned enterprises-corporate governance-enterprise performance”,corporate governance can play a part-mediating role in transmission.Further research finds that the implementation of the SOE mixed reform policy itself has a positive policy effect on enterprise performance;that the effect of SOE mixed reform on enterprise performance varies between central and local SOEs,and between competitive and monopolistic industries.Therefore,the government should play a guiding and supervisory role to deepen the reform of SOEs and promote win-win co-operation between SOEs and private capital,and strategic investors should actively respond to the national policy to help the cooperation between SOEs and private enterprises.