党组织讨论前置决策机制对国有企业绩效提升的影响研究

Research on Influence of the “Pre-Discussion” Decision-Making Mechanism of the Party Organization on the Performance Improvement of State-Owned Enterprises

中文关键词:  党组织  讨论前置决策机制  国有企业绩效  治理成本  投资效率

英文关键词:Party organization  the “pre-discussion” decision-making mechanism  state-owned enterprises' performance  governance cost  investment efficiency

中文摘要:

      党组织讨论前置决策机制完善了我国国有企业的治理机制,并对国有企业的行为产生了深远的影响。基于2013—2018年我国A股上市公司数据,通过构建双重差分模型实证检验了党组织讨论前置决策机制对国有企业绩效的影响渠道和效果。研究发现,党组织讨论前置决策机制改善了国有企业的决策流程,显著提升了国有企业绩效。机制分析表明,党组织讨论前置决策机制能够降低国有企业治理成本,提高投资效率,从而提升国有企业绩效。进一步研究发现,党组织讨论前置决策机制对中央企业绩效提升的效果更显著,并对国有企业绩效的影响存在滞后性,且其边际效应呈递增态势。因此,在国有企业改革与治理中,企业需要不断强化党组织与治理结构的融合,充分发挥党组织的领导作用,降低多层次委托代理诱发的治理成本,并不断完善国有企业的制度建设；政府应从外部监管机制上强化党组织讨论前置决策机制政策实施的积极效果。

英文摘要:

      The “pre-discussion” decision-making mechanism of the Party organization has improved the governance mechanism of Chinese state-owned enterprises (SOEs) and exerted far-reaching influence on the behavior of SOEs. Based on the data of Chinese A-share listed companies from 2013 to 2018, this paper empirically tested the influence channels and effects of the “pre-discussion” decision-making mechanism of the Party organization on the SOEs' performance by the DID (namely, difference in differences) model. The results show that the “pre-discussion” decision-making mechanism of the Party organization has made SOEs' decision-making process more sound and significantly improved SOEs' performance. As mechanism analysis shows, the “pre-discussion” decision-making mechanism of the Party organization can help to lower SOEs' governance cost and improve investment efficiency, thus improving SOEs' performance. According to further study findings, the effect of the “pre-discussion” decision-making mechanism of the Party organization on the performance improvement of central SOEs is more significant. Such effect shows lagging characteristics and its marginal effect tends to increase by degrees. As for countermeasures for SOEs reform and governance, SOEs are expected to better integrate the Party organization and governance structure, give full play to the leading role of the Party organization, reduce the governance cost problem caused by multi-layer agents, and constantly improve the system construction of SOEs. The government should strengthen the positive effect of the policy implementation of the “pre-discussion” decision-making mechanism of the Party organization from the external supervision mechanism.