非国有股东治理对投资效率的影响——基于国有企业混合所有制改革背景

The Impact of Non-State Shareholder Governance on Investment Efficiency—Based on the Background of Mixed Ownership Reform of State-Owned Enterprises

摘要: 当下在我国全面深化改革和经济迈向高质量发展的时代背景下，国有经济改革一直以来都是以国有企业为中心，而混合所有制改革是本次国企改革的重中之重。本文基于2010~2019年中国上海证券交易所和深圳交易所国有控股上市公司数据，通过实证分析法检验了国企混改对其投资效率的影响。得出以下研究成果：(1) 混合所有制改革显著提高了国有企业的投资效率；(2) 从影响程度看，国有企业混改所产生的股权主体多元化对混改的影响程度，对提高投资效率也有促进作用；(3) 通过比较国有企业的管辖性质，当国有企业的管辖性质为中央国企时，国有企业混合所有制改革对提高投资效率的作用更为明显，当是地方国企时，混合所有制改革对投资效率的影响并不明显。

Abstract: In the current era of my country’s comprehensive deepening of reforms and high-quality economic development, state-owned economic reform has always been centered on state-owned enterprises, and mixed ownership reform is the top priority of this state-owned enterprise reform. Based on the data of state-controlled listed companies in China’s Shanghai Stock Exchange and Shenzhen Stock Exchange from 2010 to 2019, this paper tests the impact of state-owned enterprise mixed reform on the investment efficiency of state-owned enterprises through empirical analysis. The following research results are obtained: (1) The mixed ownership reform of state-owned enterprises has significantly improved the investment efficiency of enterprises; (2) From the perspective of the degree of influence, the degree of influence of the diversification of equity subjects produced by the mixed ownership reform of state-owned enterprises on the mixed reform has an impact on improving investment. Efficiency also has a promoting effect; (3) By comparing the jurisdictional nature of state-owned enterprises, when the jurisdictional nature of state-owned enterprises is central state-owned enterprises, the effect of mixed ownership reform of state-owned enterprises on improving investment efficiency is more obvious. When it is a local state-owned enterprise, the effect of mixed ownership reform on investment efficiency is not obvious.