国有企业高管跨体制联结与混合所有制改革——基于“国有企业向私营企业转让股权”的经验证据

发布时间：2018-11-04 11:37

【摘要】：混合所有制改革的实质是要打破国有企业与私营企业之间存在的体制障碍,加强国有企业与私营企业之间的相互融合。那么,那些具有跨体制(即跨越国有企业和私营企业两种体制障碍)联结关系的国有企业高管,是否会有助于推进混合所有制改革呢?鉴于"国有企业向私营企业转让股权"是国有企业混合所有制改革的一条重要改革途径,因此本文基于国有上市公司的股权转让数据考察国有企业高管跨体制联结对国有企业向私营企业转让股权的影响,研究发现:与国有企业高管没有跨体制联结关系的情况相比,当国有企业高管拥有跨体制联结关系时,国有企业向私营企业转让股权的可能性较大;当跨体制联结关系是由内部董事形成,对于发生在管制性行业和不影响公司控制权变更的股权转让,高管跨体制联结对国有企业向私营企业转让股权的正向影响越强。本文进一步研究发现,国有企业高管跨体制联结主要通过传递交易信息和环境信息、缓解意识形态障碍等机制影响国有股权向私营企业转让。这些发现意味着,搭建国有企业高管与私营企业高管之间联系的桥梁和纽带,创造国有股权转让的公平交易环境,对助推国有企业混合所有制改革有重要意义。
[Abstract]:The essence of the reform of mixed ownership is to break the institutional barriers between state-owned enterprises and private enterprises and to strengthen the mutual integration between state-owned enterprises and private enterprises. So will those state executives who have cross-institutional ties-i.e., cross the institutional barriers of state-owned and private enterprises-help push forward mixed ownership reforms? In view of the fact that "the transfer of shares from state-owned enterprises to private enterprises" is an important way to reform the mixed ownership system of state-owned enterprises, Therefore, based on the stock transfer data of the state-owned listed companies, this paper investigates the influence of the cross-system connection of the executives of state-owned enterprises on the transfer of equity from state-owned enterprises to private enterprises, and finds that: compared with the situation that the senior executives of state-owned enterprises do not have cross-institutional linkages, When the senior executives of state-owned enterprises have cross-institutional connections, it is more likely that state-owned enterprises can transfer their equity to private enterprises. When the cross-institutional linkage is formed by the internal directors, for the transfer of equity which occurs in the regulatory industry and does not affect the change of the control rights of the company, the stronger the positive influence of the cross-institutional linkage of the executive on the transfer of the equity to the private enterprise is. This paper further finds that the mechanism of the cross-system connection of the senior executives of state-owned enterprises mainly affects the transfer of state-owned shares to private enterprises through the transmission of transaction information and environmental information and the easing of ideological barriers and other mechanisms. These findings suggest that it is of great significance to build bridges and ties between senior executives of state-owned enterprises and executives of private enterprises and to create a fair trading environment for the transfer of state-owned shares, which is of great significance to the reform of mixed ownership of state-owned enterprises.
【作者单位】：东北财经大学工商管理学院;
【基金】：国家自然科学基金项目(71271046、71472030、71533022) 国家社会科学基金项目(11&ZD153) 中国博士后科学基金项目(20110490766、2012T50222) 东北财经大学学科建设支持计划(XKT-201410)的资助
【分类号】：F276.1

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