国企混改能否推动制造企业价值链升级?

Can the Mixed Ownership Reform of State-Owned Enterprises Promote the Value Chain Upgrading of Manufacturing Enterprises?

我国制造业正从全球价值链中低端向中高端演进,国企混改作为深化国企改革的重要举措,能否推动企业价值链升级,是一个值得研究的问题。本文以2010—2021年沪深A股制造业国有上市公司为样本,实证检验国企混改对企业价值链升级的影响。结果显示,国企混改能推动企业价值链升级。机制研究表明,国企混改通过提高升级意愿、优化资源禀赋和增强核心能力,推动企业价值链升级。进一步研究发现,当企业处于市场化进程较高地区以及企业管理层权力较小时,国企混改对企业价值链升级的推动作用更为显著。混改企业更倾向于选择流程升级、产品升级和功能升级而非链条升级。本文丰富了企业价值链升级影响因素和国企混改经济后果的相关研究,对深化国企混改、推动企业价值链升级具有启示意义。

China’s manufacturing industry is evolving from the mid-to-low end to the mid-to-high end of the global value chain.As an important measure to deepen the reform of state-owned enterprises(SOEs),whether the mixed ownership reform of SOEs can promote corporate value chain upgrading is a worthwhile study.Using a sample of A-share listed SOEs on the Shanghai and Shenzhen Stock Exchanges in the manufacturing industry from 2010 to 2021,this paper empirically examines the impact of the mixed ownership reform of SOEs on the upgrading of corporate value chains.The result shows that the mixed ownership reform of SOEs promotes the upgrading of corporate value chains.The mechanism research shows that the mixed ownership reform of SOEs drives the upgrading of the corporate value chain by increasing the willingness to upgrade,optimizing resource endowments,and enhancing core competencies.Further research shows that the promotion effect of the mixed ownership reform of SOEs on corporate value chain upgrading is more significant in SOEs that are located in regions with higher levels of marketisation and when managerial power is lower.Enterprises with mixed ownership reform are more likely to choose process upgrading,product upgrading,and functional upgrading rather than chain upgrading.This paper enriches the related studies on the influence factors of corporate value chain upgrading and the economic consequences of the mixed ownership reform of SOEs,providing insights for deepening SOE mixed ownership reform and promoting corporate value chain upgrading.