金融学院知识库

    我国国有企业混合所有制改革是一个艰巨而漫长的过程，2020年开始中央对国有企业重点领域展开纵向推进，继续推动混合所有制改革发力，目的是使国有资本拥有更大的规模、更具竞争力。“混合所有制”是当前促进国有企业增效改革的有效模式之一，但是在改革的过程中，始终面临着政府和国有企业关系如何处理的问题，如何看待政治关联并正确处理政府与国企的关系，关乎新一轮国企混改绩效的好坏。

    本文在梳理了国有企业混合所有制改革与政企关系发展的基础上，分析了在混合所有制改革中降低政治关联程度的迫切性，并利用双重差分模型和中介效应模型对混合所有制改革如何影响政治关联以及政治关联对国有企业混合所有制改革绩效的影响进行探究。研究发现，在2013年之后，无论国有企业是否经历了混合所有制改革都会降低国有企业的政治关联程度，并且已经进行混合所有制改革的企业政治关联下降程度比没有进行混合所有制改革的企业下降程度要大，在混合所有制改革、政治关联与企业绩效三者的关系中，政治关联处于一个中介的角色，混合所有制改革通过降低了政治关联程度，从而提高了国有企业绩效。根据上述结论，本文建议政府应与国有企业建立并保持健康的关系，避免过度干预影响市场的运作机制。各级政府应该积极践行政资分开、政企分开的号召，不限定国有企业的经营领域和经营模式，将自主经营权归还给企业，放手企业自主创新、经营多元化。此外应该进一步优化措施，积极引入非国有资本，优化国企混改的治理机制，从而激发国企的创造力和积极性，提升企业整体绩效及价值。

    The mixed ownership reform of state-owned enterprises in China is a difficult and long process. As a key node of the reform of state-owned enterprises, the central government will carry out vertical promotion in key areas in 2020, so as to expand and strengthen state-owned capital and continue to promote the mixed ownership reform.Although China has a lot of experience in developing mixed ownership, we are always faced with such difficulties, that is, how to deal with the relationship between the government and SOEs."Diversified ownership" is one of the reasonable roadways to enhance the potency reform of state-owned companies at present. How to view the political connection and correctly work out the relationship between the central party and nationalized companies is significant to the performance of the new round of diversified ownership reform of nationalized companies.

     This paper concludes that after 2013, whether SOEs have undergone mixed ownership reform or not will reduce the degree of political connection of SOEs, and the decline degree of political connection of enterprises that have carried out mixed ownership reform is greater than that of enterprises that have not carried out mixed ownership reform.In the link with diversified ownership innovation, party connection and company performance, party connection plays an intermediary role. Mixed ownership reform improves SOE performance by reducing the degree of political connection.However, because the natural political nature of nationalized enterprises, political link is inevitable, and political link will weaken the improvement effect of mixed ownership innovation on company performance.Nationalized companies should not blindly establish political connections to improve corporate performance, and should take the chance of the mixed ownership innovation, and both the government and companeis should positvely take part in the mix ownership innovation of companies.The central government should establish a healthy relationship with SOEs and avoid undue interference that affects the functioning of the market.Governments at all levels should actively implement the call for spliting government regulation from assets, and spliting government regulation from company management. They should not limit SOEs' business fields or business models, return SOEs' independent management rights to them, and let them innovate independently and diversify their operations.Measures should be further balanced to actively introduce non-state assets and balance the governance mechanism of state-owned companies' mixed innovation, so as to arouse the creativity and enthusiasm of state-owned companies and enhance their overall progress and value.