管理评论

管理评论 ›› 2022, Vol. 34 ›› Issue (2): 33-45.

• 经济与金融管理 • 上一篇    下一篇

混合所有制改革对国有企业盈利水平影响及作用路径研究

倪宣明1, 贺英洁1, 彭方平2, 欧明青3   

  1. 1. 北京大学软件与微电子学院, 北京 100871;
    2. 中山大学管理学院, 广州 510275;
    3. 中国船舶工业系统工程研究院, 北京 100094
  • 收稿日期:2021-01-07 出版日期:2022-02-28 发布日期:2022-03-24
  • 通讯作者: 彭方平（通讯作者），中山大学管理学院教授，博士生导师，博士
  • 作者简介:倪宣明，北京大学软件与微电子学院硕士生导师，博士;贺英洁，北京大学软件与微电子学院硕士研究生;欧明青，中国船舶工业系统工程研究院，博士
  • 基金资助:
    国家自然科学基金项目（71673312）。

The Effects and Paths of Mixed Ownership Reform of State-owned Enterprises on Their Profitability

Ni Xuanming1, He Yingjie1, Peng Fangping2, Ou Mingqing3   

  1. 1. School of Software and Microelectronics, Peking University, Beijing 100871;
    2. School of Business, Sun Yat-sen University, Guangzhou 510275;
    3. CSSC Systems Engineering Research Institute, Beijing 100094
  • Received:2021-01-07 Online:2022-02-28 Published:2022-03-24

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摘要： 国有企业作为我国社会主义市场经济的支柱，进行混合所有制改革是巩固其主体地位、做大做强国有经济的重要途径。本文基于工业企业数据库的制造业国有控股企业数据，通过构建双向固定效应模型，探究国有企业进行混合所有制改革（国企混改）对企业盈利水平的影响，并检验其作用机制。研究结果表明，国企混改显著提升了企业的资产收益率。进一步研究表明，上述影响主要通过降低代理成本和杠杆率两条作用路径实现。在隶属层级层面进行异质性分析时，本文发现地方国企混改的效果优于央企。

关键词: 混合所有制改革, 作用机制, 企业盈利

Abstract: The mixed ownership reform of state-owned enterprises (SOEs) as the pillar of China’s socialist market economy is an important way to reinforce SOE’s dominant position and to expand and strengthen the state-owned economy. This paper uses the data of state-owned manufacturing enterprises in Chinese Industrial Enterprises Database to build a two-way fixed-effects model to explore whether the mixed-ownership reform of SOEs has improved the level of their profitability, and to test the mechanism. The research results show that the mixed reform of SOEs significantly improves their return on assets. Further study shows that the above effects are achieved mainly through two impact paths: reducing agency costs and decreasing leverage ratios. The heterogeneity analysis at the level of subordination shows that the effect of mixed reform of local SOEs is better than that of central SOEs.

Key words: mixed ownership reform, impact mechanism, corporate performance