管理评论

管理评论 ›› 2025, Vol. 37 ›› Issue (1): 52-63.

• 经济与金融管理 • 上一篇    

混合所有制改革激发了谁的活力？

李明珊1, 孙晓华2, 关书3   

  1. 1. 东北财经大学产业组织与企业组织研究中心, 大连 116025;
    2. 大连理工大学经济管理学院, 大连 116024;
    3. 大连海事大学航运经济与管理学院, 大连 116026
  • 收稿日期:2021-06-07 发布日期:2025-01-18
  • 作者简介:李明珊（通讯作者），东北财经大学产业组织与企业组织研究中心副研究员，博士；孙晓华，大连理工大学经济管理学院教授，博士生导师，博士；关书，大连海事大学航运经济与管理学院讲师，硕士生导师，博士。
  • 基金资助:
    国家社会科学基金青年项目（22CGL057）；国家自然科学基金青年项目（72304055）。

Whose Vitality Is Inspired by Mixed Ownership Reform?

Li Mingshan1, Sun Xiaohua2, Guan Shu3   

  1. 1. Center for Industrial and Business Organization, Dongbei University of Finance and Economics, Dalian 116025;
    2. School of Economics and Management, Dalian University of Technology, Dalian 116024;
    3. School of Maritime Economics and Management, Dalian Maritime University, Dalian 116026
  • Received:2021-06-07 Published:2025-01-18

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摘要： 激发各类市场主体活力是新时期全面深化改革的鲜明要求，面对各类市场主体的蓬勃发展，混合所有制改革对不同所有制类型企业的作用效果与途径是值得讨论的一个重要问题。本文通过构建混合寡占模型，从理论上解析了混合所有制改革对于国有企业和非国有企业的差异化影响，并以中国省级面板数据为样本进行实证检验。结果表明：混合所有制改革显著促进了非国有企业经济活力提升，缓解融资约束是混合所有制改革激发非国有企业活力的一个重要途径；混合所有制改革对国有企业经济活力的影响呈现非线性效应，在改革初期主要通过剥离政策性负担激发国有企业经济活力，但随着改革进入深水区，一味降低国有经济比重将不利于国有企业经济绩效提升。为进一步探究混合所有制改革对国有企业的影响机制，以商业一类地方国有上市公司的微观数据为样本，检验了以分类改革为标志的新一轮国有企业混合所有制改革政策效果，发现新一轮国有企业混合所有制改革通过降低两类委托代理成本间接提升国有企业经济绩效，而并没有抑制国有企业承担就业等社会性责任。上述研究结论不仅为混合所有制改革的政策评价提供了经验性事实，而且为新时期深化国有企业混合所有制改革提供了理论依据。

关键词: 混合所有制改革, 市场主体活力, 国有企业混合所有制改革, 分类改革

Abstract: As an essential step of “comprehensively deepening reform” in the new era, “stimulating the vitality of market participants” is clearly required in the Fifth Plenary Session of the 19th CPC Central Committee. Given the vigorous development of all kinds of market participants, it is necessary to discuss the effect of mixed ownership reform on enterprises under different ownership structures. In this paper, we theoretically explain the differential effects of mixed ownership reform on state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs) by constructing a mixed oligopoly model, and then use a panel data from China’s provinces as the empirical sample. It is found that, mixed ownership reform significantly promotes the economic vitality of non-SOEs, with relieved financing constraints serving as a crucial pathway. The impact of mixed ownership reform on the economic vitality of SOEs exhibits a nonlinear effect. In the early stages of reform, economic vitality in SOEs is primarily stimulated by shedding policy burdens. However, as the reform enters deep waters, blindly reducing the proportion of the state-owned economy will not contribute to boosting the economic performance of SOEs. To further explore the mechanism of how mixed ownership reform influences SOEs, we examine the effects of the new round of mixed ownership reform of SOEs, represented by categorical reform, using microdata from local state-owned listed companies in the commercial category. It is found that the mixed ownership reform of SOEs indirectly improves the economic performance of SOEs by reducing two types of agency costs, without inhibiting SOEs from their social responsibilities such as providing jobs. The above conclusions not only provide empirical evidence for the policy evaluation of mixed ownership reform, but also provide a theoretical basis for deepening the reform of state-owned enterprises in the new era.

Key words: mixed ownership reform, vitality of market participants, SOE’s reform toward mixed ownership, categorical reform