摘要
混合所有制改革是激活国企活力、加快国企现代化建设的关键举措。本文以2012—2023年国有上市公司为样本,实证检验了混合所有制改革对国有企业对外直接投资的驱动效应及作用路径。研究发现,非国有股东持股比例的增加显著促进了国有企业的对外直接投资;机制检验表明,混改通过降低企业盈余管理程度、提高信息透明度及优化管理层持股激励机制,有效提升了国企对外直接投资的质量和效率;异质性分析显示,上述结论在资产负债率较高、资本密集度较低及国有股东控制权较弱的企业中更为显著。本文研究为进一步深化国企混合所有制改革和推动企业国际化经营提供了政策启示。
Mixed ownership reform is a key initiative to activate the vitality of state-owned enterprises(SOEs)and accelerate their modernization.Using a sample of state-owned listed companies from 2012 to 2023,this paper empirically examines the driving effect and path of mixed ownership reform on the outward foreign direct investment(OFDI)of SOEs.It is found that the increase in the shareholding ratio of non-state-owned shareholders significantly promotes the OFDI of SOEs.The mechanism test shows that the mixed ownership reform effectively enhances the quality and efficiency of SOEs’OFDI by reducing corporate surplus management,improving information transparency,and optimizing the incentive mechanism for management shareholding.Heterogeneity analysis finds that the above findings are more significant in enterprises with higher asset-liability ratio,lower capital intensity,and weaker control of state-owned shareholders.This study provides policy implications for further deepening the mixed-ownership reform of state-owned enterprises and promoting their international business operations.
作者
许煜菡
刘宁
Xu Yuhan;Liu Ning(Shandong University of Finance and Economics,Jinan,Shandong 250000)
出处
《中国商论》
2025年第16期158-162,共5页
China Journal of Commerce
关键词
混合所有制改革
对外直接投资
非国有股东治理
信息透明度
国企混改
mixed ownership reform
outward foreign direct investment
non-state-owned shareholder governance
information transparency
mixed ownership reform of state-owned enterprises
