党组织“双向进入”对企业全要素生产率的影响研究

The Research on the Impact of"Two-way Entry"of Party Oranizations on the Total Factor Productivity of Enterprises

提高企业的全要素生产率是促进我国经济高质量发展的动力源泉,而党组织参与治理是中国式现代化建设的独有策略。本文以2012—2023年我国非金融A股上市公司为样本,探讨党组织“双向进入”对我国企业全要素生产率的影响。研究发现,党组织“双向进入”能够显著提升企业全要素生产率水平;其机理是能促进资产利用效率、提升员工劳动生产效率以及缓解融资约束。深入研究“双向进入”的路径可发现:在国有企业和非国有企业中,党组织参与董事会、监事会和管理层均能促进企业全要素生产率的提升,但其在国有企业中发挥的作用更大。而党中央的政策引导显著促进了企业党组织“双向进入”制度的有效性。本研究为党的“双向进入”政策实施效果提供了大样本经验证据,为促进企业高质量发展、建立中国自主的公司治理理论提供了研究启示。

Improving the total factor productivity of enterprises is the strong driving force to promote the high-quality development of China′s economy,and the party organizations′participation in governance is a unique strategy for Chinese style modernization.This paper takes China′s non-financial A-share listed companies from 2012 to 2020 as a sample and explores the impact of the"two-way entry"of party organizations on the total factor productivity of China′s enterprises.The study found that the"two-way entry"of the party organizations can significantly improve the total factor productivity level of enterprises,the mechanism of which is to improve the efficiency of asset utilization,improve the labor productivity of employees and ease the financing constraints.By further study on the path of"two-way entry",it can be found that in state-owned enterprises,the participation of the party organizations in the board of directors,the board of supervisors and the management can promote the total factor productivity of enterprises,but in non-state-owned enterprises,only the participation of the party organizations in the board of directors can effectively promote the total factor productivity.The paper provides a large sample of empirical evidence for the"two-way entry"policy of the Party,enriches the theory of corporate governance with Chinese characteristics,and provides inspirations for improving the total factor productivity of enterprises and optimizing the path of party organizations′participation in corporate governance.