摘要
国有企业股权结构优化对于形成多元均衡的公司治理结构、提升国有企业资本配置效率具有重要地位。以2008—2018年国有上市公司为研究对象,实证分析股权结构、公司治理与国与企业资本配置效率之间的关系。研究发现,股权结构变动与国有企业资本配置效率正相关,即股权结构变动可显著提升国有企业资本配置效率;公司治理与国有企业资本配置效率正相关;公司治理对于股权结构变动影响国有企业资本配置效率具有正向调节作用。
The optimization of the state-owned enterprise shareholding structure is an important mechanism for forming a diversified and balanced corporate governance structure and improving the efficiency of state-owned enterprise capital allocation.This article takes the state-owned listed companies as research objects from 2008 to 2018,and empirically analyzes the relationship between the shareholding structure,corporate governance and the efficiency of state and enterprise capital allocation.The study found that changes in the shareholding structure are positively related to the efficiency of state-owned enterprises’capital allocation,that is,the increase in the proportion of non-state-owned shares can significantly improve the efficiency of state-owned enterprises’capital allocation;Influencing the capital allocation efficiency of state-owned enterprises has a moderating effect.
作者
李明娟
金海钰
LI Ming-juan;JIN Hai-yu(School of Economics and Management,Northeast Forestry University,Harbin 150040,China)
出处
《哈尔滨商业大学学报（社会科学版）》
CSSCI
2020年第3期3-13,共11页
Journal of Harbin University of Commerce:Social Science Edition
基金
黑龙江省哲学社会科学规划项目“黑龙江省国有高端装备制造业混合所有制改革机制与路径研究”(18JYH756)
黑龙江省哲学社会科学规划项目“黑龙江省国有企业混合所有制改革与产业结构升级:理论、经验和路径”(19YJC118)。
关键词
混合所有制改革
公司治理
股权结构
国有企业
资本配置效率
mixed ownership reform
corporate governance
shareholding structure
state-owned enterprises
capital allocation efficiency
