国有企业非国有股东经营决策参与权对公司绩效的影响研究

doi:10.16381/j.cnki.issn1003-207x.2023.1627

Abstract

Abstract:

Pursuing economic performance is the driving force for the sustainable development of state-owned enterprises （SOEs）. Improving comprehensive performance is the basic requirement of the central and local governments and the general public for SOEs. How to improve the economic and comprehensive performance by optimizing the allocation of non-state-owned shareholders’ decision-making participation right is a key issue that needs to be solved in smoothly promoting the SOEs mixed-ownership reform. Although there have been many research results in the effect factors of SOEs’ performance and the relationship between non-state-owned shareholders' ownership and corporate performance， most of the existing literature use relevant data samples to conduct empirical research on the relationship between non-state-owned shareholders’ decision-making participation right and corporate performance. The theoretical mechanism of non-state-owned shareholders’ decision-making participation right affecting the SOEs’ performance has not been revealed， and the different effects of non-state-owned shareholders’ decision-making participation right on the economic and comprehensive performance of SOEs have not been explained.

Based on the multi-task principal-agent relationship between state-owned and non-state-owned shareholders and executives， a mathematical model is constructed to theoretically reveal the effect mechanism of non-state-owned shareholders’ decision-making participation right on the economic performance and comprehensive performance of SOEs. Then， taking the listed A-share state-owned companies in Shanghai and Shenzhen from 2010 to 2019 as samples， and the non-state-owned shareholders’ decision-making participation right is measured by the proportion of the number of directors， supervisors and senior executives appointed by non-state-owned shareholders to the total number of directors， supervisors and senior executives of SOEs， and the economic performance of SOEs is measured by the return on total assets， and the comprehensive performance of SOEs is measured by a comprehensive index covering economic performance and social performance based on the entropy method， the results of the theoretical model are empirically tested by using multiple panel regression model and nonlinear regression model. The following main results are obtained. The non-state-owned shareholders’ decision-making participation right would positively affect the SOEs’ economic performance. There is an inverted U-shaped relationship between SOEs’ comprehensive performance and the non-state-owned shareholders’ decision-making participation right. The findings of this study provide theoretical and empirical evidence for further optimizing the SOEs control rights structure and smoothly promoting the SOEs mixed-ownership reform.

Based on the above theoretical and empirical research results， combined with the operation practice of Chinese SOEs and the goal of mixed-ownership reform， the following policy suggestions are put forward. First， in the process of SOEs mixed-ownership reform， we should not only pay attention to the optimization of the equity structure but also emphasize the sharing of control rights between state-owned and non-state-owned shareholders. It is necessary to promote the transformation of Chinese SOEs from the "formal" mixed-ownership reform dominated by mixed equity to the "substantial" mixed-ownership reform with equity mixing and control rights coordination by optimizing the equity structure and control rights structure at the same time. Second， while emphasizing the non-state-owned shareholders’ decision-making participation right， should be not ignored the decision-making participation right enjoyed by state-owned shareholders in SOEs. The state-owned and non-state-owned shareholders’ claim for control rights should be considered and coordinated. The non-state-owned shareholders’ decision-making participation right should be kept at an appropriate level. Different shareholders should enjoy decision-making participation right that matches their equity. The sustainable development of China's SOEs is ensured by forming a stable equilibrium state of control rights.

Key words: state-owned enterprises, mixed-ownership reform, non-state-owned shareholders, decision-making participation right, corporate performance

CLC Number:

F271

Qi’an Chen, Yuan Xu, Shuxiang Tang. Research on Effect of Non-state-owned Shareholders' Decision-making Participation Right on Corporate Performance in State-owned Enterprises[J]. Chinese Journal of Management Science, 2025, 33(2): 332-346.

Figures/Tables 8

References 44

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变量类型	变量名称	变量符号	变量定义
被解释变量	经济绩效	Roa	净利润/总资产
被解释变量	综合绩效	Rocs	采用熵值法测算的涵盖企业经济绩效和社会绩效的综合指标
解释变量	非国有股东经营决策参与权	Djgnse	非国有股东委派董监高人数占董监高总人数的比例
控制变量	企业规模	Size	企业总资产取对数
	资产负债率	Lev	总负债/总资产
	营业收入增长率	Incgr	（营业收入本年本期金额-营业收入上年同期金额）/（营业收入上年同期金额）
	固定资产比率	Fix	固定资产/总资产
	现金流量比率	Cf	经营活动产生的现金流量净额/总资产
	两职合一	Dual	董事长和总经理两职合一为1，否则为0
	董事会规模	Board	董事会总人数取对数

变量	观测值	均值	标准差	中位数	最小值	最大值
Roa	9372	0.0319	0.0477	0.0287	-0.1556	0.1735
Rocs	9372	0.4152	0.2053	0.3712	0.0301	0.9374
Djgnse	9372	0.0263	0.0643	0.0000	0.0000	0.3529
Size	9372	22.7399	1.3968	22.5849	20.0795	26.8076
Lev	9372	0.5069	0.2011	0.5162	0.0784	0.9197
Incgr	9372	0.1442	0.3786	0.0845	-0.4976	2.4821
Fix	9372	0.2596	0.1953	0.2160	0.0019	0.7743
Cf	9372	0.0448	0.0682	0.0450	-0.1541	0.2305
Dual	9372	0.0941	0.2920	0.0000	0.0000	1.0000
Board	9372	2.2048	0.1949	2.1972	1.6094	2.7081

变量	(1)	(2)	(3)
变量	Roa	Roa	Rocs
Djgnse	0.0382^***	0.0581^***	0.3288^***
Djgnse	(6.32)	(3.64)	(4.67)
Djgnse²		-0.0790	-1.0013^***
Djgnse²		(-1.42)	(-4.13)
Size	0.0077^***	0.0077^***	0.0639^***
Size	(20.69)	(20.72)	(41.52)
Lev	-0.1089^***	-0.1089^***	-0.3012^***
Lev	(-37.54)	(-37.56)	(-28.58)
Incgr	0.0185^***	0.0185^***	0.0318^***
Incgr	(14.94)	(14.91)	(6.63)
Fix	-0.0559^***	-0.0559^***	-0.1622^***
Fix	(-20.97)	(-20.97)	(-14.14)
Cf	0.2393^***	0.2393^***	0.4331^***
Cf	(30.08)	(30.07)	(15.37)
Dual	0.0001	0.0001	0.0053
Dual	(0.05)	(0.04)	(0.90)
Board	0.0065^***	0.0064^***	0.0194^**
Board	(3.14)	(3.11)	(2.06)
Constant	-0.1055^***	-0.1059^***	-0.9143^***
Constant	(-11.82)	(-11.85)	(-25.38)
行业	控制	控制	控制
年度	控制	控制	控制
Observations	9372	9372	9372
R-squared	0.400	0.400	0.343

变量	(1)	(2)	(3)
变量	Roa	Roa	Rocs
Dnonsoe	0.0312^***	0.0276^**	0.2261^***
Dnonsoe	(6.66)	(2.27)	(4.21)
Dnonsoe²		0.0117	-0.4929^***
Dnonsoe²		(0.32)	(-3.19)
Constant	-0.1052^***	-0.1051^***	-0.9149^***
Constant	(-11.81)	(-11.77)	(-25.41)
控制变量	控制	控制	控制
行业	控制	控制	控制
年度	控制	控制	控制
Observations	9372	9372	9372
R-squared	0.401	0.401	0.343

变量	(1)	(2)	(3)	(4)
	GAP<0	GAP>0	GAP<0	GAP>0
	Roa	Roa	Rocs	Rocs
Djgnse	0.0344^***	0.0219^*	0.1113^***	-0.1217^**
Djgnse	(3.50)	(1.68)	(2.90)	(-2.05)
Constant	-0.1088^***	-0.0056	-0.9121^***	-1.0346^***
Constant	(-11.90)	(-0.13)	(-24.93)	(-4.64)
控制变量	控制	控制	控制	控制
行业	控制	控制	控制	控制
年度	控制	控制	控制	控制
Observations	8758	614	8758	614
R-squared	0.394	0.499	0.347	0.309

Research on Effect of Non-state-owned Shareholders' Decision-making Participation Right on Corporate Performance in State-owned Enterprises

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[4]	SONG Jian, LIANG Liang. Comparative Study on Risk Propensity between Listed State-owned Enterprises and Private Enterprises in China [J]. Chinese Journal of Management Science, 2015, 23(4): 53-60.
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变量	(1)	(2)	(3)	(4)	(5)
	Djgnse	Roa	Djgnse	Djgnse²	Rocs
	第一阶段	第二阶段	第一阶段		第二阶段
L.Djgnse	0.8184^***		0.8971^***	0.0419^***
L.Djgnse	(58.15)		(31.23)	(4.27)
L.Djgnse²			-0.3119^**	0.6088^***
L.Djgnse²			(-2.38)	(11.89)
Djgnse		0.0481^***			0.5005^***
Djgnse		(5.94)			(4.87)
Djgnse²					-1.6119^***
Djgnse²					(-4.06)
Constant	0.0021	-0.1012^***	0.0005	-0.0017	-0.8294^***
Constant	(0.32)	(-10.65)	(0.07)	(-0.95)	(-21.15)
控制变量	控制	控制	控制	控制	控制
行业	控制	控制	控制	控制	控制
年度	控制	控制	控制	控制	控制
Observations	8032	8032	8032	8032	8032
R-squared	0.757	0.402	0.758	0.679	0.342
Underidentification test	-	548.096^***	-	-	190.968^***
Weak identification test	-	3380.954	-	-	261.888