国有、民营混合参股与公司绩效改进.docVIP

国有、民营混合参股与公司绩效改进 郝阳糞六堂 国家外汇管理局中央外汇业务中心北京大学光华管 理学院 本文以2004—2014年屮国A股上市公司为样本，考察丫国有和民营参股股东对 公司绩效的影响及其作用机制。实证结果显示，“混合所有”的股权结构提高了 公司绩效，但国有资本之间的股权多元化对公司绩效没有正面影响。进一步研究 发现，民营参股增强了国企管理层的薪酬和离职对业绩的敏感度，国有参股减 轻了民企的税负和融资约束，并且在市场化越低时异质性参股股东对缋效的影 响越积极。这一结果表明，在屮国这一转型经济体屮，“混合所有”有助于弥补 市场化的不足，异质性股东的“互补”使企业发挥了不同所有制资本的优势， 但需耍避免在改革中引入新的不平等或低效率。本文对混合所有制改革提供了重 要依据，也为公同治理领域提供了中国的独特案例。 关键词： 国有参股;民营参股;公司治理;混合所有制; 郝阳，电子信箱： haoyang@ma.il. rmd-safc. gov. cn, pkuhaoyang@163. com; 巽六堂，电子信箱：ltgong@gsm. pku. edu. cn。 State and Private Non-controlling Shareholders in SOEs and Private Firms, and Firm Performance Hao Yang Gong LiutangInvestment CentereState Admniistration of Foreign Exchange; Guanghua Management School， Peking University; Abstract： There are two key features of transitioning economies:the prevalence of state ownership and the progress of marketization. This study investigates the effect of non-controlling state and private shareholders on firm performance, and links these effects to the level of market izat ion. A large stream of corporate governance research investigating the effects of non-controlling shareholders (NCS) on firm performance has been produced over the past 20 years. We argue that the identities of the NCS and the institutional environment arc important to shaping outcomes attributable to the presence of the NCS. The management of SOEs (i. e., where the controlling shareholder is state-owned) is generally less marketed than that of private firms due to the government’s probable choice of social and political policy goals over profit maximization and its greater information asymmetries. As a result，in SOEs, privately owned NCS generate value because they have the incentives and voting power to constrain the political objectives of the controlling state-owned shareholder. Conversely, private firms often face unequal treatment in financing and taxation in 1 ess market!zed economies. State-owned NCS can bring political connections to private firms, help overcome market and