逆向混改与民营企业全要素生产率

Reverse Mixed-ownership Reform and Total Factor Productivity of Private Enterprises

中文关键词:  逆向混改  国有资本参股  民营企业  全要素生产率  数字金融  数字经济

英文关键词:reverse mixed-ownership reform  state-owned capital equity participation  private enterprises  total factor productivity  digital finance  digital economy

中文摘要:

      逆向混改”为民营经济提供了新的动力和方向,是推动中国式现代化和高质量发展的重要支撑。以2008—2023年中国沪深A股民营上市公司为研究对象,采用双向固定效应模型,实证检验了国有资本参股对民营企业全要素生产率的影响及作用机制。研究发现,国有资本参股能够促进民营企业全要素生产率的提高,且通过缓解融资约束、降低代理成本、促进企业创新提高了民营企业全要素生产率。进一步研究表明,数字金融能够正向调节国有资本参股对民营企业全要素生产率的提升作用。异质性分析结果显示,国有资本参股对民营企业全要素生产率的提升作用仅在东部地区、竞争度较高行业及两权分离度较高的企业中显著存在。因此,应坚定不移地推动混合所有制改革,发挥好国有股东的信誉优势与治理作用。同时,应针对区域和行业发展差异,实施差异化的逆向混改策略,并强化数字金融对民营企业的赋能作用。

英文摘要:

      The reverse mixed-ownership reform provides new momentum and direction for the private economy and serves as an important pillar for promoting Chinese modernization and high-quality development. Taking China's A-share private listed companies in Shanghai and Shenzhen stock exchanges from 2008 to 2023 as samples and using a two-way fixed effects model, this study empirically examines the impact of state-owned capital equity participation on the total factor productivity of private enterprises and its underlying mechanisms. The findings indicate that state-owned capital equity participation enhances the total factor productivity of private enterprises, mainly by alleviating financing constraints, reducing agency costs, and promoting enterprise innovation. Further analysis shows that digital finance positively moderates this enhancing effect. Heterogeneity analysis reveals that the enhancing effect is significant for enterprises located in the eastern region, those in highly competitive industries, and those with a greater separation of ownership and management. Therefore, it is crucial to unswervingly advance mixed-ownership reform and leverage the reputation advantages and governance expertise of state-owned shareholders. At the same time, differentiated reverse mixed-ownership reform strategies should be implemented based on regional and industry development disparities, and the empowering role of digital finance for private enterprises should be strengthened. 