Research on Mixed Ownership Reform of State-Owned Enterprises from the Perspective of Marxist Political Economy

Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process of national modernization but also serve as the core of the national economic lifeline through their irreplaceable status and function amidst changing times.In the new era,with the advent of the technological revolution and the wave of globalization,state-owned enterprises face unprecedented opportunities and challenges.As a significant aspect of state-owned enterprise reform,the mixed ownership reform is not only a transformation in the structure of enterprise ownership but also a reflection of China’s broader,comprehensive reform efforts.By deeply advancing this reform,it will help optimize the allocation of state-owned assets and significantly boost technological and management innovation within state-owned enterprises,ensuring their competitiveness in the intense market environment.Therefore,this paper will conduct an in-depth analysis of the mixed ownership reform of state-owned enterprises from the perspective of Marxist political economy.

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.

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.

Tasks and Priorities for Comprehensively Deepening Reform of China’s State Sector of Economy

The Third Plenary Session of the 18th CPC Central Committee ushered in a new chapter of China＇s comprehensive deepening of reform. The basic objective of comprehensively deepening reform of the state sector of economy in the new chapter is to fully integrate this sector with a sophisticated market economic system with the market playing the decisive role in resource allocation. In order to achieve this objective, China is confronted with the four major priorities of adjusting the functions and layout of the state sector of economy according to national mandates, expediting the mixed ownership reform, creating a classified and multi- tiered new system for the administration of the sector, and developing a modern corporate system for SOEs to ensure an efficient micro-level governance mechanism for the sector. （1） The functions of the different types of SOEs should be accurately defined and SOEs should be divided into the three types of public policy SOEs, functional SOEs, and commercial SOEs. This classification forms the premises for reforming the state sector of economy. Based on the functions of the three types of SOEs, the directions and emphases for strategic adjustment should differ as well. （2） The mixed ownership reform should adhere to the methodological principles of combining top-down and bottom-up approaches, implementing pilot programs, and promoting coordinated progress. Practical implementation should ensure fair and standard reform procedures, reform programs consistent with laws and regulations, open and fair equity transfers, as well as fair and transparent internal distributions. The mixed ownership reform of SOEs should introduce the employee stock ownership system and adhere to the principles of compatible incentives, shared growth, and long-term development. Monopolistic sectors should be transformed into competitive market structures to create conditions for the implementation of mixed ownership for SOEs. （3） The new system for the administration of the state sector of economy should comprise three hierarchies： the Commission for the Administration of State Economy at the top level, state capital operation companies or state capital investment companies at the intermediate level and general for-profit enterprises at the bottom level, which administer public policy, functional SOEs, and commercial SOEs respectively. （4） Under the new system for the administration of the state sector of economy characterized by the three hierarchies and categories, the key for perfecting the modern corporate system of SOEs is to establish a differentiated, classified governance mechanism, i.e., different corporate governance mechanisms should be created for SOEs of different functions and roles.

Impact of State Equity Participation on Family Enterprises’ Innovation Input

Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.

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。

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。

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。

职教混改具体政策的基本内容、现实问题与创新策略

职教混改具体政策是指中央和地方政府等不同层次的政策主体在职教混改基本政策指导下,针对职教混改具体问题而制定的具体措施、行动准则和界限性规定。目前,各地出台的职教混改具体政策对混合所有制办学形式、混合所有制职业院校设立要求、职业院校混合所有制办学管理以及支持政策等作了相应的规定。由于思想认识的局限,实践探索经验的缺乏,加之理论研究的相对滞后,现行地方政府职教混改具体政策存在非公即私的线性思维定式、内容创新的成色不够高、政策实施的绩效不显著等问题。要推进职教混改具体政策创新,需彻底转变思想观念,扎实推进职教混改试点,深入开展职教混改理论探索,切实加强职教混改政策研究。

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。

国企混改能否推动制造企业价值链升级?

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。

逆向混改与民营企业“漂绿”行为

本文基于2013—2019年沪深A股上市的民营企业数据,从股权结构角度出发,探究了逆向混改对民营企业“漂绿”行为的影响及其作用机制。研究发现:逆向混改引入国有股东能够通过增强企业融资能力、改善管理层短视行为、提升企业环保责任感三条作用渠道,有效抑制民营企业愈演愈烈的“漂绿”问题。差异化分析了国有股权的治理效应,发现相较表述性操纵,国有股权对选择性披露的抑制作用更为明显。引入逆向混改二次项,验证了国有股权存在最优的参股比例。异质性分析从行业性质、企业信息披露程度及企业声誉出发,揭示了不同情境下逆向混改的绿色治理效应。基于此,本文从深入推动民营企业逆向混改进程、健全信息披露法律法规及加强企业团队建设三个方面提出了有关建议。

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。

混合所有制改革能否促进国有企业数字化转型?

基于国有企业改革视角,以2013—2022年沪深A股国有上市公司为研究对象,实证检验混合所有制改革对国有企业数字化转型的影响。研究发现,混合所有制改革能够显著提升国有企业数字化水平,该结论在经过工具变量两阶段回归、倾向得分匹配、改变变量度量方法和计量估计方法、排除替代性解释影响等稳健性测试后仍然成立。作用机制检验结果表明,混合所有制改革通过治理效应和资源效应推动了国有企业数字化转型。异质性分析显示,对于市场化水平较高地区和政策性负担较大的国有企业,混合所有制改革对数字化转型的正向影响更明显。经济后果考察发现,混合所有制改革通过促进国有企业数字化转型显著提升了其市场价值。

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。

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。