国资监管体制改革与国有企业投资效率
Reform of the State-owned Assets Supervision System and the Investment Efficiency of State-owned Enterprises
任广乾 1景曼 1刘莉2
作者信息
- 1. 郑州大学商学院,河南郑州 450001
- 2. 河南工业大学管理学院,河南郑州 450001
- 折叠
摘要
国资监管体制已由"管资产与管人管事相结合"的模式向以"管资本"为主的模式转变,这为国有企业的高质量发展提供了制度保障.本文以2009-2019年中国沪深A股上市国有企业为样本,实证检验国资监管体制改革对国有企业投资效率的影响.研究结果表明,国资监管体制改革显著提升了国有企业投资效率,代理成本降低与政府干预弱化在其中发挥了中介作用.进一步研究发现,政府治理水平在国资监管体制改革与国有企业投资效率之间具有正向调节作用.异质性分析发现,在非西部地区和金字塔层级低的国有企业中,国资监管体制改革对其投资效率的提升作用更显著.经济后果检验表明,国资监管体制改革通过提高国有企业投资效率提升了国有企业价值.研究结论为进一步深化国资国企改革提供了经验证据.
Abstract
The state-owned assets supervision system has shifted from a model that"combines asset management with personnel management"to a model that focuses on"capital management",provi-ding institutional guarantees for the high-quality development of state-owned enterprises.This article takes state-owned enterprises listed on the Shanghai and Shenzhen A-shares of China from 2009 to 2019 as samples to empirically test the impact of the reform of the state-owned assets super-vision system on the investment efficiency of state-owned enterprises.The research results indicate that the reform of the state-owned assets supervision system has significantly improved the invest-ment efficiency of state-owned enterprises,and the reduction of agency costs and the weakening of government intervention have played an intermediary role in it.Further research has found that the level of government governance has a positive moderating effect on the reform of the state-owned assets supervision system and the investment efficiency of state-owned enterprises.Heterogeneity a-nalysis found that in state-owned enterprises in non-western regions and those with lower pyramid levels,the reform of the state-owned assets supervision system has a more significant effect on im-proving the investment efficiency of state-owned enterprises.The economic consequence test shows that the reform of the state-owned assets supervision system has increased the value of state-owned enterprises by improving their investment efficiency.The research conclusion provides an empirical basis for further deepening the reform of state-owned assets and enterprises.
关键词
政府治理/国资监管体制改革/国有资本投资运营公司/国有企业/投资效率Key words
Government Governance/State-owned Assets Supervision System/State-owned Capital Investment and Operation Company/State-owned Enterprises/Investment Efficiency引用本文复制引用
基金项目
国家社会科学基金重点项目(22AGL017)
出版年
2024
NETL
NSTL
万方数据