混合所有制企业竞争力与国有股比例关系研究——基于制造业的分析
|
摘要
本文选择制造业行业进行研究,通过建立混合所有制企业的竞争力指标体系,用因子分析法对符合条件的388家样本企业在2010-2014年的竞争力进行测评,然后研究了混合所有制企业竞争力与国有股比例之间的定量关系,发现二者之间存在非线性的倒"U"型关系,当竞争力最强时的国有股比例合理取值在28.34%-30.32%之间,而当前混合所有制企业中的国有股比例在这个区间的右侧,因此,为提升混合所有制企业的竞争力,应该适当降低国有股比例。
This paper chooses the manufacturing industry to carry out research, by establishing the competitiveness index system of mixed-ownership enterprises and using factor analysis to evaluate the competitiveness of 388 sample enterprises with qualified conditions in 2010-2014,By studying the quantitative relationship between the competitiveness of mixed ownership enterprises and the proportion of state-owned shares in this paper, we find that there is a non-linear "U" type relationship between the two. when the competitiveness is the strongest,the reasonable proportion of state-owned shares is between 28.34%-30.32%. At present, the proportion of state-owned shares in the mixed ownership enterprises is on the right side of this section, therefore, in order to enhance the competitiveness of mixed ownership enterprises, we should be appropriate to reduce the proportion of state-owned shares.
This paper chooses the manufacturing industry to carry out research, by establishing the competitiveness index system of mixed-ownership enterprises and using factor analysis to evaluate the competitiveness of 388 sample enterprises with qualified conditions in 2010-2014,By studying the quantitative relationship between the competitiveness of mixed ownership enterprises and the proportion of state-owned shares in this paper, we find that there is a non-linear "U" type relationship between the two. when the competitiveness is the strongest,the reasonable proportion of state-owned shares is between 28.34%-30.32%. At present, the proportion of state-owned shares in the mixed ownership enterprises is on the right side of this section, therefore, in order to enhance the competitiveness of mixed ownership enterprises, we should be appropriate to reduce the proportion of state-owned shares.
引文
[1]Estrin,S.,Perotin,V.Does ownership always matter?[J].International Journal of Industrial Organization,1991,9(1):55-72.
[2]Shleifer,A.,and Vishny,R.W.1994,Politicians and Firms[J].Quarterly Journal of Economics,1994,109(4):995-1025.
[3]J.Bennett,E.Iossa.Building and managing facilities for public services[J].Journal of Public Economics,2006,90(12):2143-2160.
[4]Stefano Clo,Matteo Ferraris,Massimo Florio.Ownership and environmental regulation:Evidence from the European electricity industry[J].Energy Economics,2017,61(1):298-312.
[5]Juan Alejandro Gelvesa,John S.Heywoodb.How does a mixed ownership firm license a patent?[J].Economic Modelling,2016,59(4):278-284.
[6]田利辉.国有股权对上市公司绩效影响的U型曲线和政府股东两手论[J].经济研究,2005,(10):48-58.
[7]刘小玄,李寿喜.转轨过程中混合股权公司的相对效率[J].世界经济文汇,2007,(1):58-71.
[8]曹廷求,杨秀丽,孙宇光.股权结构与公司绩效:度量方法和内生性[J].经济研究,2007,(10):126-137.
[9]任力,倪玲.低碳产业上市公司股权结构与经营绩效研究[J].当代经济研究,2014,(5):67-73.
[10]马连福,王丽丽,张琦.混合所有制的优序选择:市场的逻辑[J].中国工业经济,2015,(7):5-20.
[11]张文魁.混合所有制的公司治理与公司业绩[M].北京:清华大学出版社,2015.
[12]金碚.企业蓝皮书:中国企业竞争力报告(2013)[M].北京:社会科学文献出版社,2013.
[13]胡锋.混合所有制企业股权结构现状研究──基于国有控股的制造业上市公司的实证分析[J].湖南行政学院学报,2016,(6):76-82.
[14]胡锋,黄速建.混合所有制经济的优势、改革困境与上海实践[J].经济体制改革,2016,(5):100-105.
1详见:胡锋.混合所有制企业竞争力研究[J].上海经济研究,2017,(10):13-21.
[2]Shleifer,A.,and Vishny,R.W.1994,Politicians and Firms[J].Quarterly Journal of Economics,1994,109(4):995-1025.
[3]J.Bennett,E.Iossa.Building and managing facilities for public services[J].Journal of Public Economics,2006,90(12):2143-2160.
[4]Stefano Clo,Matteo Ferraris,Massimo Florio.Ownership and environmental regulation:Evidence from the European electricity industry[J].Energy Economics,2017,61(1):298-312.
[5]Juan Alejandro Gelvesa,John S.Heywoodb.How does a mixed ownership firm license a patent?[J].Economic Modelling,2016,59(4):278-284.
[6]田利辉.国有股权对上市公司绩效影响的U型曲线和政府股东两手论[J].经济研究,2005,(10):48-58.
[7]刘小玄,李寿喜.转轨过程中混合股权公司的相对效率[J].世界经济文汇,2007,(1):58-71.
[8]曹廷求,杨秀丽,孙宇光.股权结构与公司绩效:度量方法和内生性[J].经济研究,2007,(10):126-137.
[9]任力,倪玲.低碳产业上市公司股权结构与经营绩效研究[J].当代经济研究,2014,(5):67-73.
[10]马连福,王丽丽,张琦.混合所有制的优序选择:市场的逻辑[J].中国工业经济,2015,(7):5-20.
[11]张文魁.混合所有制的公司治理与公司业绩[M].北京:清华大学出版社,2015.
[12]金碚.企业蓝皮书:中国企业竞争力报告(2013)[M].北京:社会科学文献出版社,2013.
[13]胡锋.混合所有制企业股权结构现状研究──基于国有控股的制造业上市公司的实证分析[J].湖南行政学院学报,2016,(6):76-82.
[14]胡锋,黄速建.混合所有制经济的优势、改革困境与上海实践[J].经济体制改革,2016,(5):100-105.
1详见:胡锋.混合所有制企业竞争力研究[J].上海经济研究,2017,(10):13-21.