政府治理、国有企业混合所有制改革与资本配置效率

以2008~2017年国有上市公司为样本,检验了政府治理、国有企业混合所有制改革与资本配置效率三者之间的关系。研究发现:国有企业混合所有制改革程度与企业资本配置效率显著正相关,即国有企业混合所有制改革能够提升企业资本配置效率;政府治理水平与企业资本配置效率显著正相关,其主要体现为从提升政府效率、加快市场化进程等方面改善政府治理水平,能显著提高企业资本配置效率;相比政府治理水平较低的地区,国有企业混合所有制改革提升资本配置效率的效果在政府治理水平较高的地区更明显,即政府治理对混合所有制改革提升企业资本配置效率有促进作用。进一步分析发现,混合所有制改革对资本配置效率的促进作用分别在非国有股东持股比例介于1/3至2/3之间和资产负债率低的样本组更显著,而政府治理对企业资本配置效率的正向影响在资产负债率高的样本组更显著。

Government Governance,Mixed Ownership Reform of State-owned Enterprises and Capital Allocation Efficiency

Based on the panel data of the state-owned listed companies in China from 2008 to 2017,this paper makes an empirical analysis of the relationship among government governance,mixed ownership reform of state-owned enterprises and capital allocation efficiency.The results show that:there is a significant positive correlation between the degree of mixed ownership reform of state-owned enterprises and the efficiency of capital allocation,that is,the mixed ownership reform of state-owned enterprises can improve the efficiency of capital allocation.Here is a significant positive correlation between the level of government governance and the efficiency of capital allocation.Further tests show that improving the level of government governance from the aspects of improving the efficiency of government and accelerating the marketization process can significantly improve the efficiency of capital allocation.Compared with regions with low level of government governance,the effect of mixed ownership reform of state-owned enterprises on improving capital allocation efficiency is more significant in regions with high level of government governance,that is,government governance improves the positive effect of mixed ownership reform on capital allocation of enterprises.Further analysis shows that the positive effect of mixed ownership reform on the efficiency of capital allocation is more significant in the sample group with the share of non-state shareholders between 1/3-2/3 and low asset-liability ratio respectively,while the positive effect of government governance on the efficiency of capital allocation is more significant in the sample group with high asset-liability ratio.This study provides a theoretical reference for deepening the reform of state-owned enterprises and government in China.