国资监管体制改革与国有企业ESG表现——来自国有资本投资运营公司改革试点的证据

Reform of the State-Owned Assets Supervision and Administration System and ESG Performance of State-Owned Enterprises —Evidence from the Pilot Reform of State-Owned Capital Investment and Operation Companies

中文关键词:  国资监管体制改革  国有资本投资运营公司  国有企业  ESG表现  长期资本投入  治理效能提升

英文关键词:reform of the state-owned assets supervision and administration system  state-owned capital investment and operation companies  state-owned enterprises  ESG performance  long-term capital investment  enhanced governance efficiency

中文摘要:

      国有资本投资运营公司作为推进国资监管体制改革的核心载体,在加快国有经济布局优化和结构调整方面发挥着重要作用。利用2009—2021年中国沪深A股国有上市公司数据,从环境、社会、治理(ESG)视角实证检验了国有资本投资运营公司改革试点成效及其机制。研究发现:国有资本投资运营公司改革有助于提升国有企业ESG表现,当持股比例越高、控股链条越短以及共同控股时,国有企业ESG表现越好；长期资本投入和治理效能提升是推动国有企业ESG表现提升的两条路径。异质性分析发现,这种治理效应在中央企业、特殊功能类企业以及国际化经营程度高的企业中更大。进一步分析发现,国有资本投资运营公司改革试点在提升国有企业ESG表现后,提高了国有企业市场价值和全要素生产率,实现了社会效益与经济效益的双赢。因此,政府应继续扩大国资监管体制改革的实施范围,积极发挥国有资本市场化运营平台的作用,并根据国有企业的禀赋差异,分类别、分阶段地推动改革政策落地。

英文摘要:

      As a key vehicle driving the reform of the state-owned assets supervision and administration system, state-owned capital investment and operation companies (SOCIOCs) play a pivotal role in optimizing the structure and layout of the state-owned economy. Using data from A-share listed state-owned enterprises (SOEs) in Shanghai and Shenzhen stock exchanges from 2009 to 2021, this study empirically examines the effectiveness and underlying mechanisms of the pilot reform of SOCIOCs from the perspective of Environmental, Social, and Governance (ESG) performance. The findings indicate that the pilot reform significantly enhances the ESG performance of SOEs. Specifically, higher shareholding ratios, reduced pyramid hierarchy, and co-holding arrangements are associated with better ESG outcomes, in which long-term capital investment and enhanced governance efficiency serve as two primary pathways. Heterogeneity analysis reveals that this positive effect is more pronounced among central SOEs, SOEs with special functions, and those with higher levels of international operations. Further analysis demonstrates that after improving the ESG performance of SOEs, the pilot reform also enhances their market value and total factor productivity, thereby achieving a win-win outcome in both economic and social benefits. These findings suggest that the government should broaden the scope of the reform of the state-owned assets supervision and administration system, fully leverage the market-oriented operation of state-owned capital, and implement reform measures in a differentiated and phased manner according to the distinct endowments of SOEs. 