首页|非国有股东治理的战略效应——基于国有企业产品市场表现的视角

非国有股东治理的战略效应——基于国有企业产品市场表现的视角

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做强做优做大国有资本和国有企业是全面建设社会主义现代化国家的关键动力,如何有效改善国有企业的产品市场表现构成新时代供给侧结构性改革的核心环节,本文研究混合所有制改革背景下非国有股东治理对国有企业产品市场表现的影响.研究发现:在控制股权制衡的作用下,非国有股东派出董事参与治理能够优化国企战略决策、促进产品服务研发创新以及提升国企运营效率,从而对国有企业的产品市场表现产生积极影响,并且这种治理作用在地方控制和竞争性行业的国有企业中更为明显.进一步研究发现,非国有股东治理的战略效应不仅具有长期持续特征,而且对国有企业的资本市场价值和经营绩效产生积极溢出影响.本文不仅支持全面深化改革背景下党和国家改善国有企业公司治理所进行的积极探索,而且对企业产品市场表现和国有企业混合所有制改革的学术研究作出拓展.
The Strategic Effect of Non-state Shareholders'Governance:Based on the Perspective of State-owned Enterprises'Product Market Performance
Strengthening and optimizing state-owned capital and SOEs is the key driving force for the comprehensive construction of a modem social-ist country.And how to effectively improve the product market performance of SOEs constitutes the core link of the supply-side structural reform in the new era.This paper studies the influence of non-state shareholders'governance on the product market performance in SOEs under the background of mixed ownership reform.It finds that under the controlling of equity balance,participation of non-state shareholders in the high-level governance of SOEs can significantly optimize the strategic decision-making of state-owned enterprises,promote the innovation of product or service,and improve the operating ef-ficiency of state-owned enterprises,resulting in a better product market performance of SOEs,which is more obvious in SOEs with local control and com-petitive industries.Further research finds that the strategic effect of non-state shareholders'governance not only has long-term sustainable characteristics,but also has a positive spillover effect on the capital market value and operating performance of SOEs.Thus,this paper not only supports the active explo-ration of national leader to improve the governance mechanisms of SOEs under the background of comprehensively deepening reform,but also provides a useful supplement to the academic research on enterprise product market performance and mixed ownership reform.

State-owned EnterprisesMixed Ownership ReformNon-state Shareholders'GovernanceStrategic EffectProduct Market Performance

汤泰劼、窦笑晨、马新啸

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南京大学商学院 210093

中国财政科学研究院 100142

中国海洋大学管理学院/中国企业营运资金管理研究中心 266110

国有企业 混合所有制改革 非国有股东治理 战略效应 产品市场表现

国家资助博士后研究计划"泰山学者"工程专项经费资助项目国家自然科学基金青年项目中国博士后科学基金面上资助项目

GZB20230299tsqn202306100723022242023M733331

2024

会计研究
中国会计学会

会计研究

CSTPCDCSSCICHSSCD北大核心
影响因子：6.346
ISSN：1003-2886
年,卷(期)：2024.(4)