摘要
单纯的股权结构多元化不足以实现不同所有制资本的协同效应,相比于股权结构,异质股东控制权配置对企业混改绩效的影响更为明显,但这一影响过程尚不明确。鉴于此,本文基于股东资源与治理结构双视角,分析异质股东控制权配置对企业混改绩效的影响效应,并进行了实证检验。结果表明,异质股东股权对企业混改绩效仅发挥制衡效应,而不存在协同效应;异质股东非财务控制权对企业混改绩效既具有协同效应,也具有制衡效应,且制衡效应强于股权制衡;进一步研究发现,非财务控制权制衡度对协同效应具有正向促进作用,促使异质股东形成相互制约且共同受益的互惠共生关系。研究结论可为完善混改企业中国有股东与民营股东的权力配置提供理论参考。
The diversification of equity structure is not enough to realize the synergistic effect of different ownership capital.Compared with the equity structure,the influence of heterogeneous shareholders’control allocation on the performance of enterprise’s mixed ownership reform is more obvious,but the impact process is still unclear.In view of this,based on the dual perspectives of shareholders’resources and governance structure,this paper analyzes the impact of heterogeneous shareholders’control allocation on the performance of enterprise’s mixed ownership reform,and conducts an empirical test.The results show that heterogeneous shareholders’equity only exerts balance effect on the performance of enterprise’s mixed ownership reform,and there is no synergistic effect;heterogeneous shareholders’non-financial control have synergistic effect and balance effect,and the balance effect is stronger than the balance effect of equity.Further research finds that the balance effect of non-financial control has a positive effect on the synergistic effect,leading to heterogeneous shareholders forming mutually restricted and beneficial symbiosis.The research conclusions can provide a theoretical reference for improving the control allocation of state owned shareholders and private shareholders in mixed ownership enterprise.
作者
李明敏
李秉祥
惠祥
LI Ming-min;LI Bing-xiang;HUI Xiang(School of Economics and Management,Xi’an University of Technology,Xi’an 710054,China)
出处
《预测》
CSSCI
北大核心
2020年第1期26-34,共9页
Forecasting
基金
国家自然科学基金资助项目(71772151)
陕西省软科学研究计划重点资助项目(2018KRM036)
陕西省教育厅科研计划重点资助项目(18JT009)
西安理工大学教师博士科研启动金资助项目(105-451118011)。
关键词
混合所有制改革
异质股东
控制权配置
股东资源
股东共生关系
mixed ownership reform
heterogeneous shareholders
control allocation
shareholders’resources
shareholder symbiosis
