Research on Financial Performance of State-owned Enterprise Mixed Ownership Reform

Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.

An Empirical Research on Mixed- Ownership Reform and SOE Innovation： Evidence from China＇s Industrial Enterprises

Using the microscopic data of China＇s industrial enterprises, this paper measures innovation efficiency by the sales revenue of new products as a share in total sales revenue, and examines SOE mixed ownership reform＇s innovation efficiency effect using PSM method under a ＂quasi-natural experiment＂ theoretical framework. Results indicate that： Mixed-ownership reform can significantly increase corporate innovation efficiency. Reformed SOEs are more efficient at innovation than foreign-funded firms, private firms and firms invested by Hong Kong, Macao and Taiwan. This paper provides robust evidence for evaluating SOt？ innovation performance after mixed-ownership reform, and offers policy implications for promoting SOE mixed-ownership reform.

Natural Monopoly and Mixed Ownership Reform--Based on Natural Experiment and Cost Function Analysis Method

Despite a multitude of theoretical discussions on China's mixed ownership reform, very few studies have addressed realistic questions concerning the implementation of the reform. The Resolutions of the Third Plenum of the 18 th CPC Central Committee and other reform strategies have outlined the reform of sectors with natural monopoly, including urban public utility sectors. The question is how mixed ownership reform should be carried out in sectors of natural monopoly, or which public utilities sectors should enjoy priority of mixed ownership reform. To answer this question, this paper employs data of large public utility enterprises in China from 1998 to 2008, and estimates the natural monopoly attribute at the industry level and corporate total factor productivity(TFP) using cost function analysis method excluding the impact of product price factor. Based on the difference-indifferences-in-differences(DDD) method of natural experiment, an empirical test is carried out for the relationship among natural monopoly, mixed ownership reform and corporate productivity. Our results suggest that:(1) Statistically, mixed ownership reform cannot significantly increase corporate TFP in sectors with natural monopoly;(2) mixed ownership reform should not be carried out indiscriminately on a nationwide basis and for all public utilities sectors. Such an attempt of reform without distinguishing natural monopoly and the level of competitiveness is fraught with policy uncertainties;(3) relative to sectors with natural monopoly, corporate productivity in competitive sectors after mixed ownership reform will improve more significantly and enjoy greater "policy dividends" of institutional reform. Therefore, mixed ownership reform should be carried out first in competitive sectors.

Ownership Reform of On-duty Inventions and University Patent Output: Analytical Model and Empirical Evidence

Based on a literature review,this article reveals the inconsistency in the ownership structure reform measures of on-duty inventions,a policy attempt to stimulate patent output and commercialization.It also proposes an analytical model to address the impact of intellectual property ownership structure on patent productivity.A total of 20 universities with two different kinds of intellectual property ownership structures in Sichuan Province of China are selected for this study.They are divided into two groups:"pilot group"and"control group".The quantitative statistics and comparison of development trends and changes in the number,structure,technical fields,transfer and quality of invention patents are conducted,showing the development status of university patents before and after the ownership reform,and verifying the impact of the ownership structure of on-duty inventions on stimulating patent output.For a deep understanding of the situation,Southwest Jiaotong University is taken as a typical case for the study,which illustrates that after the implementation of the ownership reform,the number of disclosures of patent achievements of university on-duty inventions has increased,and the patent transformation in universities has undergone positive changes,but the positive changes in patent quality between universities are not obvious in the short term.In addition,this article puts forward countermeasures and suggestions for further optimization of the reform,with a view to achieve the staged evaluation of the reform and guiding practice.Finally,the article endeavors to provide academic peers with Chinese policy experiments and data regarding the impact of intellectual property ownership structure on invention output.

Building State-owned Assets Supervision System and Conducting Mixed Ownership Reforms to Reinforce Each Other’s Collaboration

Improving the state-owned assets supervision system(SOASS)can effectively get over the defects of systems and mechanisms and further promote the reform of mixed ownership of state-owned enterprises(SOEs);and the deepening of the reform can advance the change of the SOASS to the supervision on capital.By analyzing the relationship between the SOASS and the reform of mixed ownership of state-owned enterprises,we have found that collaborative promotion of the change of the SOASS to the supervision on capital and promotion of the reform of mixed ownership can do good to ameliorating the corporate management mechanism,improving the market-oriented management mechanism of enterprises and completing the medium-and long-term incentive mechanisms,etc.to enhance business operation efficiency.Due to such prevailing problems as relative dispersion and vagueness of the policies relating to deepening the reform of SOEs,inconsistent progress of the reform of state-owned assets(SOAs)and SOEs,and corporate reform focusing on apprence,improving the SOASS and deepening collaborative development of the reform of mixed ownership of SOEs are hindered by some constraints.To construct and improve the SOASS and the reform of mixed ownership collaboratively,we should make efforts to promote the reform in the following five aspects,namely,placing importance to policy coordination,boosting synchronism of the reform of SOAs and SOEs at different levels and in different areas to coordinate the nationwide reform of SOAs and SOEs,facilitating reform of the mechanism of enterprises of mixed ownership through mixed capital,and promoting the SOASS and stimulating classified monitoring and reform of mixed ownership based on classified reform of SOEs.

逆向混改助力民企创新——国有资本参股对民营企业双元创新投入的影响研究

逆向混改有利于提高民营企业创新投入吗?以A股民营控股上市公司为样本考察国有资本参股的逆向混改对民营企业双元创新投入的影响后发现:首先,国有资本参股对于民营企业双元创新投入存在异质性影响,即能够显著提高民营企业开发式创新投入,而对探索式创新投入无明显作用(国企“两利一率”考核压力影响了国有资本参股对民营企业探索式创新投入的作用);其次,缓解融资约束与提高风险承担能力是上述关系的作用机制;再次,制度环境、行业竞争和技术董事数量等情境因素会影响国有资本参股对民营企业开发式创新投入的治理效果;最后,国有资本参股能够通过提高开发式创新投入的方式提高民营企业价值。通过揭示国有资本参股对民营企业双元创新投入的影响及其作用机理,回应了国有产权对民营企业创新作用的研究分歧,也拓宽了混合所有制改革思路。

非国有资本参股对国有企业数字化转型的影响研究

国有企业推进数字化转型在促进自身发展升级时也能产生广泛的社会价值。基于2007—2020年上市企业数据,对非国有资本参股与国有企业数字化转型的关系及其内在机理进行实证分析。研究结果表明:国有企业在数字化转型中面临情境式困境,非国有资本参股通过加强企业创新动力、激发高管企业家精神与完善人才激励机制促进数字化转型,从而实现国有经济的高质量发展,但其效果会因国有企业特征、非国有资本特征以及外部环境特征有所差异。

混合所有制改革与民营经济高质量发展——基于企业ESG表现视角的研究

以2013—2021年沪深A股上市公司为研究样本,实证检验了国有资本参股对民营企业ESG表现的影响。研究发现,国有资本参股程度越高,民营企业ESG的表现越好。机制检验表明,国有资本参股通过提高环保补助、强化社会责任信息披露质量和降低第二类代理成本提高民营企业的ESG表现。此外,国家股参股和国有股权参与度高的企业中,国有资本参股对民营企业ESG表现的促进作用更为显著。分项检验发现,国有资本参股主要通过提高社会和治理维度来提高民营企业的ESG表现,而国有资本参股对环境表现的提高作用存在环境治理和压力的差异性。

非国有股东参与治理影响国有企业战略激进度吗?

以2008—2020年国有上市制造企业为样本,手工收集非国有股东控制权数据构建非国有股东参与治理指标,分析股权和控制权非对等配置逻辑下非国有股东参与治理对国有企业战略激进度的影响,分析结果显示二者呈倒U型关系。因此,混合所有制改革不仅仅是股权层面的混合,更要考虑非国有股东控制权比例的合理安排,才能更好地发挥不同所有制资本的协同治理效应。进一步的分析结果显示,高金字塔层级组国有企业、地方国有企业及低市场化程度地区国有企业中的上述关系更为明显。该结论对国有企业混合所有制改革中推动非国有资本融入内部治理机制有一定的参考价值。

股权激励对国企创新投入的影响研究——基于混合所有制改革背景

选取2014—2019年沪深混改国企为研究样本,实证检验高管和核心技术及业务人员股权激励与企业创新投入的关系。结果表明:非国有股权制衡在影响高管股权激励促进创新投入的作用上表现为双重调节效应,在地方国企中更为明显。高管政治晋升激励对高管股权激励与创新投入关系的影响因国企层级而不同,在地方混改国企表现为正向调节效应,在混改央企表现为负向调节效应。研究结论为高管股权激励通过公司治理渠道影响企业创新提供了证据。

国企混改、公司治理与企业绩效研究

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。

混合所有制改革与内部资本市场效率

基于2008-2021年国有集团成员企业数据,研究了混合所有制改革对集团内部资本市场效率的影响及作用机制。结果显示,混合所有制改革对国有企业集团的内部资本市场效率有显著的提升作用。机制检验发现,混合所有制改革通过非国有股东委派董事和提高内部控制质量提升了内部资本市场效率。混合所有制改革对集团内部资本配置效率的提升作用在非国有股东向企业委派董事时更显著,但非国有股东委派董事比例过高反而无法提升内部资本市场效率。进一步分析得出,在集团多元化程度高、市场竞争程度低时,混合所有制改革对内部资本市场效率有更大的提升作用。

非国有股东委派董事会影响国有企业分红水平吗?

现金分红是回报投资者的重要方式,对于构建高效有序的资本市场至关重要。混合所有制改革后,非国有股东进驻国有企业并取得董事会权力有助于改善治理行为,这能否提升国有企业的现金分红水平呢?基于上述问题,将非国有股东董事会权力与国有企业分红纳入同一解释模型,并进行实证检验。研究发现,非国有股东董事会权力的取得能够显著提升分红水平;当派出超额董事时,分红水平将进一步提升;机制分析表明,这一作用主要是通过减轻国有企业政策负担和降低代理成本得以实现;异质性分析发现,该结果在地方国有企业和实际控制人权力较大的条件下更为显著。

技术许可与混合所有制改革占优策略研究

以产品异质性为视角,探讨国有企业与外资企业间的技术许可对国有企业混合所有制改革占优策略的影响。结果表明,当国有企业掌握成本降低技术并对外资企业技术许可时,国有企业技术许可会促使政府提高其占优民营资本参股水平;当外资企业掌握成本降低技术并对国有企业技术许可时,外资企业技术许可会促使政府降低国有企业占优民营资本参股水平。同时,产品差异化程度也会影响技术许可发生前后的国有企业占优民营资本参股水平。当市场规模较大时,占优民营资本参股水平与产品差异化程度呈倒U型非线性关系。

“双向混改”情境下非控股股东治理机制与资本配置效率

本文在区分“双向”混合所有制改革两类混改情境的基础上,基于正式制度与非正式制度视角,从股权治理、高层治理、网络治理三个维度构建非控股股东治理参与度模型,考察了非控股股东参与治理与企业资本配置效率的内在关系。研究表明:在“双向”混改情境下,非控股股东参与治理能提高企业的资本配置效率;非控股股东参与治理提高国有企业的资本配置效率主要体现在制衡效应而非资源效应,非控股股东参与治理提高民营企业的资本配置效率主要体现在资源效应而非制衡效应;非控股股东参与治理能够通过缓解国有企业预算软约束和抑制国有企业过度投资来提高国有企业资本配置效率。本文有利于从“双向”混合所有制改革的视角引导非控股股东更好发挥治理作用。

国企混改路径创新:从中长期实现共同富裕

共同富裕是社会主义的本质要求,是中国式现代化的重要特征。推进共同富裕离不开构建高水平社会主义市场经济体制,国有企业作为中国特色社会主义市场经济的根基,促进共同富裕就要稳步推进国有企业混合所有制改革,做强做优做大国有企业。本轮国企混改推动了国有经济与市场经济融合发展,在提高国企运行效率、推动经济增长等方面取得显著成效。但不同的改制路径也暴露出新的问题,员工权益保护不足、效率与公平关系处理不当、绩效薪酬体系不合理等影响着共同富裕的实现进程。从整体上市、引入战略投资者、员工持股、国企债务等方面分析国企混改现存问题对我国共同富裕实现进程产生的影响;并从发挥国企产业引领作用、深化国有经济科技创新驱动效应、找准国企职能定位、健全企业治理结构、优化营商环境、推进分配体系现代化等角度提出政策建议——国企混改应从模式创新入手推动国企高质量发展,在保持经济增长韧性与可持续性的同时,以中长期改善民生为导向,推动中国共同富裕目标尽早实现。

央企母公司混改与子公司创新产出:促进还是抑制?

党的二十大报告明确提出深化国资国企改革,加快国有经济布局优化和结构调整。基于2008—2021年中国A股央企集团旗下已混改上市公司及其母公司数据,探讨了央企母公司混改对子公司创新产出的影响。研究发现,央企母公司混改促进了子公司创新产出。机制检验结果表明,母公司混改通过减少行政干预与缓解代理冲突促进了子公司创新产出。异质性分析结果显示,当地方政府放权意愿较高时,上述促进效应显著;当集团内部资本市场效率较高时,上述促进效应更明显。基于母子公司混改差异视角进一步分析发现,央企母公司混改程度低于子公司时会抑制子公司创新产出。因此,应进一步深化央企母公司混改,完善相关法规制度,促进央企混改提质增效。

“混改”下股东决策对企业绿色创新知识分享影响研究

基于知识流动视角,对混改下国有股东和非国有股东绿色创新知识分享进行合理假设,并运用演化博弈理论构建双方绿色创新知识分享的演化博弈模型,对国有股东和非国有股东绿色创新知识分享决策演化及其局部稳定性进行研究探讨。研究表明,国有股东和非国有股东对于绿色创新知识分享策略的选择极大程度上取决于知识分享带来的收益和知识分享成本间的差值,即只有知识分享收益大于知识分享产生的成本时,博弈最终结果可能稳定于双方采取知识分享策略。

混合所有制改革与新质生产力——基于中国上市公司的微观证据

混合所有制改革是促进企业新质生产力发展进而实现企业高质量发展的重要举措。以2013—2020年中国沪深A股非ST类、非金融类上市公司为样本,考察了混合所有制改革对企业新质生产力的影响效应及作用机制。研究发现:①混合所有制改革显著促进了企业新质生产力发展,且经过稳健性检验及内生性检验后,该研究结论仍然成立;②影响机制检验结果表明,混合所有制改革主要通过增强企业融资能力与提升公司治理水平的双重机制促进企业新质生产力发展;③异质性分析结果表明,混合所有制改革对企业新质生产力的促进效应在高竞争程度行业、高数字化程度行业及高创新活跃度行业中更为明显。研究结论为驱动企业新质生产力发展和深化混合所有制改革提供了经验启示。

“逆向混改”能降低民营企业债务违约风险吗

以2008-2022年沪深A股民营上市公司为研究对象,探讨了国有股权参股是否以及如何对民营企业债务违约风险产生影响。研究发现,国有股权参股能够有效抑制民营企业的债务违约风险。机制检验发现,国有股权参股通过提供资源支持、发挥治理效应和防范内部风险来降低民营企业债务违约风险。进一步分析发现,当外部经济政策不确定程度严重和企业信息披露质量较差时,国有股权参股对民营企业债务违约风险的抑制作用更加明显。以“逆向混改”为切入点,探究民营企业债务违约风险的影响因素,拓展了混合所有制改革这一宏观经济政策对微观企业行为的经济后果,为促进民营企业高质量发展和防范系统性金融风险提供了经验证据。