摘要
混合所有制改革的成效一直以来为各界所瞩目,前期的研究更多聚焦于探讨混合所有制改革在国有企业中的经济作用。本文基于A股上市公司的数据研究了国有资本参股对非国有企业投资效率的影响。研究发现,国有资本参股缓解了非国有企业的投资不足,但对过度投资影响不显著;在控制内生性问题以及多种稳健性检验之后,这一结论依然成立。进一步地研究发现,国有资本参股带来的融资便利性是其作用发挥的内在机制。基于异质性的研究发现,国有资本参股对非国有企业投资效率的促进在资本密集型行业以及非国有经济发展较好的地区更为显著。
The effect of mixed ownership reform has always been the focus of attention from all walks of life.Early studies focused more on the economic role of mixed ownership reform in state-owned enterprises.Based on the data of A-share listed companies,this paper studies the impact of state-owned capital participation on the investment efficiency of non-state-owned enterprises.Our research finds that state-owned capital’s equity participation alleviated the underinvestment of non-stateowned enterprises,but the impact on over-investment was not significant;after controlling for endogenous problems and various robustness tests,this conclusion is still valid;Further research finds that the financing convenience brought by state-owned capital’s equity participation is the internal mechanism of its role;Research based on heterogeneity finds that the promotion of investment efficiency of non-state-owned enterprises by state-owned capital participation is more significant in capital-intensive industries and regions with better development of non-state-owned economy.
作者
李增福
云锋
黄家惠
连玉君
Li Zeng-fu;Yun Feng;Huang Jia-hui;Lian Yu-jun
出处
《经济学家》
CSSCI
北大核心
2021年第3期71-81,共11页
Economist
基金
国家社会科学基金项目“混合所有制企业中非控股股东利益侵占行为及治理研究”(19BGL057)
关键词
国有资本参股
混合所有制改革
投资效率
投资不足
State-Owned Capital Participation
Mixed Ownership Reform
Investment Efficiency
Insufficient Investment
