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.

灵活Vs审慎:国有股权监管改革与国企创新

深化国有企业改革,提高国有企业竞争力是当前经济体制改革的重要内容。本文使用中国2003—2011年和2014—2021年A股上市企业年度数据为样本,运用双重差分方法对比分析了国有股权审慎监管和灵活监管对企业创新影响的差异。研究发现,国有股权监管改革后,更灵活的监管对创新的激励效应更加明显。作用机制在于更灵活的监管通过优化股权结构、改善董事会治理、降低代理成本、提升财务冗余,从而发挥创新激励效应。异质性检验发现更灵活的监管对技术领先、非管制性行业的国企以及央企创新的影响更加显著。此外,更灵活的监管还显著促进了混合所有制改革,提升了国有企业的突破式创新数量和创新质量,最终提高了企业价值、盈利能力和资源配置效率。本文为国有股权监管放管服改革的制度红利提供了微观证据,也为深化国有企业改革、促进实体经济高质量发展提供了重要的政策启示。