摘要
民营经济是推进中国式现代化的生力军,是高质量发展的重要基础,混合所有制改革为民营企业全要素生产率增长带来了重要契机。本文运用沪深两市A股上市企业2007—2021年数据,实证检验国有资本参股对民营企业全要素生产率的影响。实证结果表明,国有资本参股能够显著提升民营企业全要素生产率。机制检验发现,国有资本参股提升企业全要素生产率主要通过运营能力提升、财务状况改善及创新要素投入强化三种机制得以实现。进一步研究发现,国有资本参股并不存在所谓“避险”偏好,反而能够助力民营企业全要素生产率提升;在经济政策不确定性较高、创新创业环境较差、市场估值较低组别中的民营企业,反而能起到显著的全要素生产率驱动作用。特别地,国有资本参股下的全要素生产率的提升,能够在促动“绿色-数字化”技术创新能力塑成方面带来显著效果,有助于民营企业“新质生产力”的提升。本文研究不仅为民营企业高质量发展赋能提供新的分析视角,还有助于优化国有资本体制机制改革。
Private economy is the main force to promote Chinese-style modernization and an important foundation for high-quality development.The current"reverse mixed reform"has brought important opportunities for the growth of total factor productivity of private enterprises.Based on the data of A-share listed enterprises in Shanghai and Shenzhen from 2007 to 2021,this paper empirically tests the impact of state-owned capital participation on the total factor productivity of private enterprises.The empirical results show that stateowned capital participation can significantly improve the total factor productivity of private enterprises.The mechanism test shows that the state-owned capital participation can improve the total factor productivity mainly through three mechanisms:the improvement of operational capacity,the improvement of financial status and the strengthening of innovative factors.Further research finds that state-owned capital participation does not have the so-called"risk aversion"preference,but can help private enterprises to improve the total factor productivity in adversity:Private enterprises in the group of high economic policy uncer-tainty,poor innovation and entrepreneurship environment,and low market valuation can play a significant role in driving total factor productivity.In particular,the improvement of total factor productivity under the participation of state-owned capital can bring significant effects on the shaping of"green-digital"technological innovation capabilities,and contribute to the improvement of"new quality productivity"of private enterprises.Starting from the perspective of reverse mixed reform,the research in this paper not only provides a new analytical perspective for the high-quality development of private enterprises,but also contributes to the reform and optimization of state-owned capital system and mechanism.
作者
李华民
兰雅婷
向海凌
Li Huamin;Lan Yating;Xiang Hailing(Guangdong University of Finance,Guangzhou 510521,China)
出处
《南开经济研究》
CSSCI
北大核心
2023年第12期199-217,共19页
Nankai Economic Studies
基金
国家自然科学基金青年项目“金融科技对企业数字化转型的效应评估、机制分析与策略优化研究”(72202046)
广东省哲学社会科学规划青年项目“产业政策对企业数字化转型的效应评估、机制分析与策略优化研究”(GD23 YYJ09)
广东省普通高校人文社科重点研究基地项目“金融风险防范与化解研究中心”(2022WZJD006)的资助。
关键词
国有资本参股
民营企业
全要素生产率
新质生产力
state-owned capital participation
private enterprises
total factor productiveity
new quality productivity
