| 郑辛迎.混合所有制改革模式与国有资产保值增值[J].井冈山大学社科版,2022,43(1):85-95 |
| 混合所有制改革模式与国有资产保值增值 |
| Can Mixed Ownership Reform Preserve and Increase the Value of State-owned Assets? |
| 投稿时间：2021-09-22 |
| DOI：10.3969/j.issn.1674-8107.2022.01.011 |
| 中文关键词: 国有企业 混合所有制 保值增值 双重差分 |
| 英文关键词: State-owned enterprises Mixedownership Preserve and increase the value Difference-in-difference |
| 基金项目:国家社科基金青年项目“多重变动格局下化解产能过剩的微观动态机制研究”（项目编号：17CJL026）；教育部人文社科基金项目“全球价值链视角下产能合作与中国产业升级研究”（项目编号：17YJC790139）。 |
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| 中文摘要: |
| 发展混合所有制经济是深化国有企业改革的重要举措，这一策略的实施既要实现国有企业提质增效，同时也要重视对国有资产的保值增值，只有这样才能全面提升国企改革的综合成效。采用1998--2013年中国工业企业数据，识别出国有控股、国有参股以及私有化三种不同模式的混合所有制改革企业，并着重考察国有控股和国有参股对国有资产的保值增值效果。研究结果表明，国有参股企业能有效促进国有资产的保值增值，而国有控股对国有资产的提升作用则不明显。此外，混合所有制改革对国有资产的增值具有持续的积极作用，且随着时间的增加而逐渐减弱，以上结论对于不同的分析方法均有效。机制讨论表明，混合所有制改革通过减少代理成本、提高投资效率和减轻企业负担可实现企业内国有资产的保值增值。最后，对不同行业的分析表明，国有参股在竞争行业的保值增值效果更为显著，且优于垄断行业，从而印证了国有企业分类改革的思想。 |
| 英文摘要: |
| The development of a mixed-ownership economy is an important measure to deepen the reform of state-owned enterprises. In the reform, not only must the quality and efficiency of state-owned enterprises be improved, but also the preservation and appreciation of state-owned assets must be emphasized. Only in this way can the overall effectiveness of the reform of state-owned enterprises be comprehensively improved.This article uses data from China's industrial enterprises from 1998 to 2013 to identify three different types of reformed enterprises:state-owned holding, state-owned shares, and privatization. We focus on examining whether state-owned holding and state-owned shares are beneficial to the preservation and appreciation of state-owned assets. The results show that the reform of enterprises with the state-owned shares can effectively promote the preservation and appreciation of state-owned assets, while the state-owned holdings have no obvious effect on the promotion of enterprise assets. In addition, we also find that mixed ownership reform has a continuous positive effect on the growth of enterprise assets, and the above conclusions are robust to different analysis methods. The discussion of the mechanism shows that the reform of the mixed ownership system realizes the preservation and appreciation of state-owned assets in enterprises by reducing agency costs, improving investment efficiency and reducing the burden on enterprises. Finally, the analysis of different industries shows that state-owned equity participation has a more significant effect of maintaining and increasing value in competitive industries, and is better than monopolistic industries, thus confirming the idea of classification reform of state-owned enterprises. |
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