国有、民营混合参股与公司绩效改进

发布时间：2017-12-31 02:10

本文关键词：国有、民营混合参股与公司绩效改进　出处：《经济研究》2017年03期 　论文类型：期刊论文

【摘要】：本文以2004—2014年中国A股上市公司为样本,考察了国有和民营参股股东对公司绩效的影响及其作用机制。实证结果显示,"混合所有"的股权结构提高了公司绩效,但国有资本之间的股权多元化对公司绩效没有正面影响。进一步研究发现,民营参股增强了国企管理层的薪酬和离职对业绩的敏感度,国有参股减轻了民企的税负和融资约束,并且在市场化越低时异质性参股股东对绩效的影响越积极。这一结果表明,在中国这一转型经济体中,"混合所有"有助于弥补市场化的不足,异质性股东的"互补"使企业发挥了不同所有制资本的优势,但需要避免在改革中引入新的不平等或低效率。本文对混合所有制改革提供了重要依据,也为公司治理领域提供了中国的独特案例。
[Abstract]:Based on the sample of Chinese A-share listed companies from 2004 to 2014, this paper examines the impact of state-owned and private shareholders on corporate performance and its mechanism. The empirical results show that. The ownership structure of "mixed all" improves the performance of the company, but the equity diversification between the state-owned capital has no positive effect on the performance of the company. Private equity participation enhances the sensitivity of state-owned enterprise management pay and turnover to performance. State-owned equity participation reduces the tax burden and financing constraints of private enterprises. And the lower the marketization, the more positive the impact of heterogeneous shareholders on performance. This result shows that in China, the transition economy, "mixed all" helps to make up for the lack of marketization. The "complementation" of heterogeneous shareholders makes enterprises exert the advantages of different ownership capital, but it is necessary to avoid introducing new inequality or low efficiency into the reform. This paper provides an important basis for the reform of mixed ownership. It also provides a unique case for corporate governance in China.
【作者单位】：国家外汇管理局中央外汇业务中心;北京大学光华管理学院;
【分类号】：F275;F832.51
【正文快照】： 一、引言十八届三中全会以来,“混合所有制”迅速成为了中国国企改革和公司治理领域的中心议题之一,这对中国经济学研究提出了迫切的现实需求。(1)在企业微观层面上,“混合所有制”是指国有资本和非国有资本“交叉持股”、“相互融合”的股权结构,即国企允许民营资本参股和

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