摘要
深化国有企业改革,提高国有企业竞争力是当前经济体制改革的重要内容。本文使用中国2003—2011年和2014—2021年A股上市企业年度数据为样本,运用双重差分方法对比分析了国有股权审慎监管和灵活监管对企业创新影响的差异。研究发现,国有股权监管改革后,更灵活的监管对创新的激励效应更加明显。作用机制在于更灵活的监管通过优化股权结构、改善董事会治理、降低代理成本、提升财务冗余,从而发挥创新激励效应。异质性检验发现更灵活的监管对技术领先、非管制性行业的国企以及央企创新的影响更加显著。此外,更灵活的监管还显著促进了混合所有制改革,提升了国有企业的突破式创新数量和创新质量,最终提高了企业价值、盈利能力和资源配置效率。本文为国有股权监管放管服改革的制度红利提供了微观证据,也为深化国有企业改革、促进实体经济高质量发展提供了重要的政策启示。
Deepening the reform of state-owned enterprises(SOEs)and improving their competitiveness is an important part of China's reform of current economic systems.We used the annual data of A-share listed enterprises in China from 2003 to 2011 and 2014 to 2021,and adopted the method of difference in difference to analyze the difference between the prudential and flexible supervision of state-owned equity on the innovation of SOEs.We found that more flexible regulation has a more positive incentive effect on SOES'innovation after the reform of state-owned equity regulation.The mechanisms are that more flexible supervision improves the equity structure and board governance,reduces agency costs,and improves financial redundancy.By means of the heterogeneity test,we found that more flexible supervision has a more significant impact on technology-leading enterprises,firms in non-regulatory industries,and central SOEs.In addition,the more flexible regulation also significantly promotes the reform of mixed ownership and improves the breakthrough innovation and the innovation quality of SOEs.Ultimately,it improves firms'value,profitability and resource allocation efficiency.This paper will provide some micro evidence for the institutional dividend of the reform direction of administration reform of state-owned equity supervision and provide important policy enlightenment for deepening the reform of SOEs and promoting the high-quality development of the real economy.
作者
李竹波
李梅
陈世来
Li Zhubo;Li Mei;Chen Shilai(School of Entrepreneurship,Wuhan University of Technology,Wuhan 430070,Hubei,China;School of Economics and Management,Wuhan University,Wuhan 430072,Hubei,China;School of Management,Huazhong University of Science and Technology,Wuhan 430074,Hubei,China)
出处
《科研管理》
CSSCI
CSCD
北大核心
2024年第10期45-55,共11页
Science Research Management
基金
国家自然科学基金青年项目:“注册制下强化承销商监管对IPO定价效率的影响研究”(72302094,2024.01—2026.12)
中央高校基本科研业务费专项资金:“强化银行业监管的实体经济效应研究”(2024WKYXQN021,2024.07—2027.06)。
关键词
国有股权监管改革
国有企业创新
公司治理
supervision and reform of state-owned equity
innovation of state-owned enterprises
corporate governance
