摘要
本文以2011-2020年国有上市公司为研究样本,从股权治理和董事会治理两个维度考察非国有股东治理对国企价值的影响。研究发现,非国有股东治理可有效提升国企价值,且股权治理和董事会治理均对国有企业价值有提升作用。机制检验发现,非国有股东治理通过改善ESG表现来提升国企价值。异质性检验表明,非国有股东治理对国企价值的提升效应主要见诸于商业竞争型国企和大型国企。本文的研究结论丰富了非国有股东治理的经济后果研究,为进一步推进混合所有制改革以实现国企绿色高质量发展提供经验借鉴。
Taking state-owned listed companies from 201l to 2020 as a research sample,this paper examines the impact of non-state shareholder governance on the value of state-owned enterprises(SOEs)in terms of two dimensions:equity governance and board governance.It is found that non-state shareholder governance can effectively enhance the value of SOEs,and both equity governance and board governance enhance the value of SOEs.The mechanism test finds that non-state shareholder governance enhances SOE value by improving ESG performance.The heterogeneity test shows that the enhancement effect of non-state shareholder governance on SOE value is mainly seen in commercially competitive SOEs and large SOEs.The findings of this paper enrich the research on the economic consequences of non-state shareholder governance,and provide empirical lessons for further promoting mixed ownership reform to realize the green and high-quality development of SOEs.
作者
陈娇娇
张哲
齐蕾蕾
孟子琪
Chen Jiaojiao;Zhang Zhe;Qi Leilei;Meng Ziqi
出处
《中国资产评估》
2024年第11期45-60,共16页
Appraisal Journal of China
基金
山东省自然科学基金青年项目(ZR2022QG012)混改背景下非国有股东治理对山东省国有企业信息披露质量影响研究——基于年报文本挖掘的视角
山东省高等学校青创团队计划“产业集聚与绿色低碳发展”创新团队(2022RW043)
山东省社科青年项目(24DJJJ12)“双碳”目标下数字经济赋能山东省制造业低碳化发展的机制与政策研究。
关键词
非国有股东治理
ESG表现
股权治理
董事会治理
企业价值
Non-State shareholder governance
ESG performance
Equity governance
Board governance
Corporatevalue
