摘要
国有企业混合所有制改革有助于实现市场在资源配置中的决定性作用,国企混改后的企业效率是检验混改成效的关键。本文以国有企业混合所有制改革为背景,选取不同所有权来源的民营企业为样本,检验国企混改后的路径依赖问题及程度。研究结果表明:初创民营企业比改制民营企业面临的融资约束程度更强,改制民营企业中仍保留的国有股权会缓解所面临的融资约束程度。初创民营企业比改制民营企业的效率更高,改制民营企业中仍保留的国有股权比例会负向影响企业的经营效率和投资效率。改制民营企业在改制前若为集团公司的子公司,则在改制后面临的融资约束程度要弱于改制前为一级法人的国有企业。
The mixed-ownership reform of state-owned enterprises helps to realize the decisive role of the market in resource allocation.China's state-owned enterprise reform is in full swing,but the effect remains to be tested.The mixed-ownership reform of state-owned enterprises is essentially a process of institutional change,which may have the problem of path dependence.During the reform process,the post-reform enterprise may adhere to a certain institutional path in the original enterprise,and the institutional path may be efficient or inef⁃ficient.This inefficient institutional path is precisely the reason for institutional changes,and it may still exist in reformed enterprises.In the practice of China's capital market,is there a path problem?Are there significant differences in financing constraints between reformed private enterprises and start-up private enterprises?Are these differences different in full equity replacement and partial equity replacement of reformed private enterprises?Taking the mixed-ownership reform of state-owned enterprises as the background,private enterprises with different source of ownership are selected as samples to empirically test the differences in financ⁃ing constraints and corporate efficiency between start-up private enterprises and reformed private enterprises,and the extent of this difference in the reformed private enterprises is explored with full and partial ownership replacement.The moderating effect of group company before mixed-ownership reform of state-owned enterprises is studied.Model(1)is designed:F-constrainti,t=β0+β1Pte-origini,t/Sos-duali,t/Sos-degreei,t+ΣControls+εi,t,to test the degree of financing constraints after the mixed-ownership reform of state-owned enterprises,and further to test whether there is a path dependence problem.Model(2)is designed:EOEi,t==β0+β1Pte-origini,t/Sos-duali,t/Sos-degreei,t+ΣControls+εi,t and model(3)is designed:EIEi,t=β0+β1Pteorigini,t/Sos-duali,t/Sos-degreei,t+ΣControls+εi,t,to test the operating efficiency and investm
作者
张琛
陈彦彤
田静
ZHANHG Chen;CHEN Yan-tong;TIAN Jing(School of Business,Anhui University,Hefei 230601,China;School of Economics,Renmin University of China,Beijing 100872,China;School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《中国管理科学》
CSSCI
CSCD
北大核心
2023年第9期1-12,共12页
Chinese Journal of Management Science
基金
国家自然科学基金资助项目(71972002)
安徽省哲学社会科学规划项目(AHSKY2021D17)
安徽省社会科学创新发展研究课题(2019CX076)。
