政府干预、国有集团结构动态演化与配置效率

发布时间：2018-03-14 09:36

本文选题：国有企业集团　切入点：治理结构　出处：《管理科学学报》2017年10期 　论文类型：期刊论文

【摘要】：以2004年~2013年国有系族企业集团控制的上市公司为样本,首次对国有集团内部结构的形成动因及其动态演变过程进行大样本的实证研究,发现,1)我国国有集团的治理结构安排是政府选择的结果:当新进入国有集团的企业历史业绩较好、政府放权意愿更强时,其更可能被安置于集团金字塔结构且受到的掏空行为显著减少;2)被安置于金字塔结构的企业,在进入集团后的长期业绩表现显著差于进入之前;3)集团内部的成员上市公司绩效越差,更可能被剥离出国有集团,这种可能性在层级越高的企业更加明显.这些结果表明了我国国企改革的逻辑不一致性,即国企改革的初衷在于放权,而政府在培育和发展国有集团的过程中却存在着过多的行政干预行为,从而弱化了国企改革的效率.文章为当前国企分类改革背景下集团的战略重组和结构优化调整提供了一定的启示,也丰富了集团治理的研究文献.
[Abstract]:Based on the sample of listed companies controlled by state-owned family enterprise groups from 2004 to 2013, this paper first conducts a large sample empirical study on the causes of formation and dynamic evolution of the internal structure of state-owned groups. It is found that the governance structure of state-owned groups in China is the result of the government's choice: when the historical performance of the newly entered state-owned groups is better and the government is more willing to delegate power, They are more likely to be placed in the pyramid structure of the group and suffer significant tunneling behavior that significantly reduces the number of enterprises placed in the pyramid structure. After entering the group, the long-term performance of the group is significantly worse than the performance of the listed company within the group before entering the group. The worse the performance of the listed company, the more likely it is to be spun off from the foreign group. This possibility is even more evident in enterprises with higher levels. These results show that the logic of SOE reform in China is inconsistent, that is, the original intention of SOE reform is to delegate power. However, in the process of cultivating and developing state-owned groups, there are too many administrative interventions by the government. Therefore, this paper weakens the efficiency of state-owned enterprise reform and provides some enlightenment for the strategic reorganization and structural optimization adjustment of the group under the background of the current state-owned enterprise classification reform, and also enriches the research literature on group governance.
【作者单位】：中山大学管理学院中山大学现代会计与财务研究中心;
【基金】：国家自然科学基金面上资助项目(71272199;71572201;71272202;71772181)
【分类号】：D630;F276.1

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