摘要
国有企业的过度多元化扩张和低效率多元化经营问题成为阻碍国有企业高质量发展的困扰,而国有企业混合所有制改革(以下简称"国企混改")既可能因降低国企的政策性负担,又可能因抑制国企高管代理问题而优化多元化经营。本文以2007-2017年国有上市公司为研究样本,从减负效应与治理效应的双重视角考察了国企混改的股权结构和高层治理对企业多元化经营的影响。研究结果表明:国企混改股权结构的深入度、制衡度和控制权转移以及非国有股东委派高管参与公司治理均有助于降低多元化经营程度,但股权种类的多样性却未产生显著作用。机制检验发现,在国企混改优化多元化经营行为的路径中,股权结构发挥了减负效应与治理效应,而非国有股东委派高管主要发挥了治理效应。进一步研究表明,与中央企业相比,地方国企混改优化企业多元化经营程度的作用更明显;市场化进程和政府质量强化了国企混改股权结构对多元化经营程度的影响,而对国企混改高层治理降低多元化经营程度的效应无明显促进作用。最后,本文发现国企混改的股权结构和高层治理均提高了企业多元化经营的价值。
The problems of excessive diversification and low-efficiency diversification have hindered the high-quality development of SOEs,and mixed ownership reform of SOEs may not only reduce the policy burden,but also optimize corporate governance mechanisms by forming a multi-shareholding integration,and then optimize the diversification.By selecting the listed SOEs from 2007 to 2017 as our research sample,this paper examined the impact of the mixed reform of SOEs on the diversification from the dual perspectives of the burden lightened effect and the governance effect.The empirical research results show us:the mixed depth,balance of non-state-owned capital,and the transfer of state-owned control,as well as the appointment of senior executives by non-state-owned shareholders to participate in corporate governance,all contribute to reducing the diversification,but the diversity of mixed equity types has not produced significant effects.The mechanism test found that in the path of the mixed reform of SOEs to reduce the diversification,the mixed ownership structure exerted the“burden lightened effect”and“governance effect”,while the appointment of senior executives mainly exerted the“governance effect”.Further research shows that compared with the central SOEs,this optimization effect on diversification is more obvious in local SOEs,and the marketization and government quality have enhanced this optimization effect on diversification,but we have not observed significant enhancements in terms of high-level governance.Finally,we find the mixed ownership structure and the high-level governance have enhanced the value of diversification of SOEs.
出处
《会计研究》
CSSCI
北大核心
2020年第4期58-75,共18页
Accounting Research
基金
国家自然科学基金项目(71762024)
文化名家暨“四个一批”人才工程与财政部“会计名家培养工程”的资助
关键词
国企混改
多元化经营
减负效应
治理效应
Mixed Reform of SOEs
Diversification
Burden Lightened Effect
Governance Effect
