中国混合所有制企业股权结构选择与绩效研究

发布时间：2018-01-02 04:17

本文关键词：中国混合所有制企业股权结构选择与绩效研究　出处：《上海经济研究》2017年03期 　论文类型：期刊论文

【摘要】：该文利用《中国工业企业数据库》1998~2007年5960家混合所有制企业的数据,采用面板IV模型进行的实证研究发现,企业国有股比重与企业绩效呈倒U型关系,并且在考虑市场竞争效应后,最优国有股比例应当从45%提高到84.3%,或从51%提高到75%。但是,目前我国混合所有制企业国有股比例的平均值和中位数远未达到最优的国有股比例。所以,对垄断程度高的行业进行混合所有制改革时,应当提高国有股比例至最优水平,使国家拥有对企业的绝对控股权;对于竞争性强的行业,应遵循市场规律由混合双方自主选择股权比例,但也没有必要实施国有股从竞争性领域全部退出的政策,因为此时国有股比重与企业绩效的关系为正相关。该文的最终结论是,我国国有企业的混合所有制改革不等于国企私有化、而是应当通过混合所有制改革进一步做大、做强、做优国有企业。
[Abstract]:The < database >1998~2007 5960 Chinese industrial enterprises of mixed ownership enterprises data, empirical research using the panel IV model of the enterprises found that the proportion of state-owned shares and corporate performance is the inverted U type relationship, and considering the market competition effect, the optimal ratio of state-owned shares should be increased from 45% to 84.3% cases, or from 51% to 75%. but, at present China's mixed ownership enterprises the proportion of state-owned shares of the average and median is far from optimal proportion of state-owned shares. Therefore, the mixed ownership reform of the high degree of monopoly industry, should increase the proportion of state-owned shares to the optimal level, the country has absolute control of the enterprise; in competitive industries, should follow the laws of the market by mixed sides to choose equity ratio, but it is not necessary to carry out the state-owned equity exit from the competitive field of all policies, because of the state-owned shares The conclusion is that the mixed ownership reform of state-owned enterprises is not equal to privatization of state-owned enterprises. Instead, it is necessary to further expand, strengthen and make better state-owned enterprises through the reform of mixed ownership.

【作者单位】：安徽工业大学商学院;
【基金】：国家社科基金项目“坚持和完善中国特色社会主义基本经济制度研究”(编号:14AJL001)和“国资管理三层架构下的混合所有制企业股权结构选择研究”(编号:16BJL046)资助
【分类号】：F832.51;F271;F272.5
【正文快照】： 一、问题的提出如何借助资本平台推进我国国有企业的混合所有制改革是当前大家关注的“热点”问题之一。国务院国有重点大型企业监事会主席季晓南(2014)在国有企业改革方法论论坛上指出,混合所有制改革的关键问题是控股权之争。卫兴华和何召鹏(2015)也认为,发展混合所有制经济

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