福建江夏学院学报
福建江夏學院學報
복건강하학원학보
FUJIAN JIANGXIA XUEYUAN XUEBAO
2015年
5期
7-15
,共9页
混合所有制改革%国有企业%企业成长%非国有资本
混閤所有製改革%國有企業%企業成長%非國有資本
혼합소유제개혁%국유기업%기업성장%비국유자본
mixed ownership reform%SOEs%enterprise growth%non state-owned capital
混合所有制改革是改善国有企业经营低效和社会资源利用不公的重要形式，也是新一轮国企改革的着力点。以我国2001—2013年有股权转让的国有上市公司为样本，分析混合所有制改革对企业绩效及绩效波动的影响，结果表明：整体上看，混合制改革显著提高了企业绩效和企业绩效波动，非国有资本入股对企业成长存在U型的非线性影响，而对成长波动存在倒U型的非线性影响，二者的非国有股比重拐点在72%左右。混合制改革后不同的企业控制人对混合制改革的结果有影响，实际控制人为自然人或民营企业要比实际控制人为国有企业或集体企业混合制改革更成功。
混閤所有製改革是改善國有企業經營低效和社會資源利用不公的重要形式，也是新一輪國企改革的著力點。以我國2001—2013年有股權轉讓的國有上市公司為樣本，分析混閤所有製改革對企業績效及績效波動的影響，結果錶明：整體上看，混閤製改革顯著提高瞭企業績效和企業績效波動，非國有資本入股對企業成長存在U型的非線性影響，而對成長波動存在倒U型的非線性影響，二者的非國有股比重枴點在72%左右。混閤製改革後不同的企業控製人對混閤製改革的結果有影響，實際控製人為自然人或民營企業要比實際控製人為國有企業或集體企業混閤製改革更成功。
혼합소유제개혁시개선국유기업경영저효화사회자원이용불공적중요형식，야시신일륜국기개혁적착력점。이아국2001—2013년유고권전양적국유상시공사위양본，분석혼합소유제개혁대기업적효급적효파동적영향，결과표명：정체상간，혼합제개혁현저제고료기업적효화기업적효파동，비국유자본입고대기업성장존재U형적비선성영향，이대성장파동존재도U형적비선성영향，이자적비국유고비중괴점재72%좌우。혼합제개혁후불동적기업공제인대혼합제개혁적결과유영향，실제공제인위자연인혹민영기업요비실제공제인위국유기업혹집체기업혼합제개혁경성공。
The mixed ownership reform has become an important form of improving state-owned enterprise management,inefficiency,unfair use of social resources,it also is the focal point of the reform of state owned enterprises.This paper uses state-owned listed Corporation which had equity transfer in 2001-2013 as sample,analyses of the effect of the mixed ownership reform on enterprise growth and fluctuations.The results show that mixed ownership reform significantly improved enterprise performance and enterprise volatility,and non state-owned capital shares had a nonlinear inverted U type effect on the volatility, the non state-owned stock proportion was nearly 72%.The result of mixed reform relies on the controllers after reform,the enterprises whose controller was natural person or private enterprises to be more successful than the enterprises whose controller was state-owned enterprises or collective enterprises.
