摘要
协同发展是新时代中国经济协调发展的新战略,是全面深化改革、扩大开放、推动企业高质量发展的新举措。本文以2013-2019年我国沪深A股上市公司为研究对象,从混合所有制改革异质资源融合的视角,将我国混合所有制企业划分为财务收益、内部控制、资本配置和研发资源四个子系统并进行综合水平测算,实证检验混合所有制企业异质资源系统协同度与投资效率的关系。研究发现,系统整体协同度与投资效率显著正相关,表明混合所有制异质资源的空间关联度越高,越有利于提升企业投资效率;观察子系统的协同发展演化特征发现,财务收益子系统与内部控制子系统的协同度最高,与研发资源子系统的协同度最低。本文的研究结论对于混改国企克服短板效应,实现使各子系统协同发展具有较强的实践启示。
Cooperative development is a new strategy for the coordinated development of China′s economy in the new era,and a new measure to deepen reform,expand opening up and promote high-quality development of enterprises.This paper takes the listed companies of Shanghai and Shenzhen A shares in 2013-2019 as research object,divides the mixed ownership enterprises into four subsystems:financial income,internal control,capital allocation and R&D resources from the perspective of heterogeneous resources integration of mixed ownership reform,and conducts comprehensive level measurement to empirically test the relationship between the coordination degree of heterogeneous resources system and investment efficiency in mixed ownership enterprises.It is found that there is a significantly positive correlation between the overall synergy degree and the investment efficiency,which indicates that the higher the spatial correlation degree of heterogeneous resources in mixed ownership,the better the investment efficiency of enterprises;by observing the evolution characteristics of the collaborative development of the subsystem,it is found that the financial revenue subsystem has the highest degree of collaboration with the internal control subsystem,and the lowest degree of collaboration with the R&D resource subsystem.The conclusion of this paper has a strong practical enlightenment for state-owned enterprises to overcome the short board effect and realize the coordinated development of various subsystems.
作者
霍晓萍
孟雅楠
林红英
HUO Xiao-ping;MENG Ya-nan;LIN Hong-ying(Business School of Guilin University of Technology,Guilin 541004,China)
出处
《商业研究》
CSSCI
北大核心
2021年第2期12-19,147,共9页
Commercial Research
基金
国家自然科学基金项目,项目编号:71762009
广西自然科学基金项目,项目编号:2018GXNSFAA281249,2019GXNSFBA245060
国家社会科学基金项目,项目编号:17BGL053。
关键词
混合所有制
异质资源
协同
投资效率
mixed ownership
heterogeneous resources
synergy
investment efficiency
