混合所有制改革、公司治理与国有企业分红被引量：30

Mixed-Ownership Reform,Corporate Governance and Dividend Policy in SOEs

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摘要文章以2008−2015年沪深两市国有上市公司为样本,采用非国有股东持股比例和非国有股东委派董事比例衡量国有企业混合所有制改革,研究发现混合所有制改革对国有企业分红行为具有积极的促进作用:非国有股东委派董事比例增加,国有企业的分红意愿和分红水平显著提高,且这一正向关系在中央企业与地方国有企业、垄断与竞争行业间没有表现出显著差异;非国有股东持股比例对国有企业分红行为的影响较弱。进一步研究发现混合所有制改革的治理效果受管理层权力和投资者法律保护的影响:当管理层权力较弱或投资者法律保护较强时,非国有股东委派董事对国有企业分红行为的促进作用更加明显。结论表明,引入非国有股东的混合所有制改革能够提高国有企业治理水平,保障中小投资者权益,促进资本市场健康发展。 Using the sample of listed SOEs in Shanghai and Shenzhen stock markets from 2008 to 2015,we measure the mixed ownership reform of state-owned enterprises(SOEs)by using the proportion of non-state shareholders and the proportion of directors appointed by non-state shareholders,and find that mixed-ownership reform positively influences the dividend policy in listed SOEs.Specifically,the higher the proportion of directors appointed by non-state shareholders,the higher the willingness and level of dividend distribution in SOEs.Besides,the above positive effect has no significant difference between central or local SOEs,and SOEs in monopoly or competitive industries.However,the shareholding ratio of non-state shareholders has a weaker impact on the dividend behavior in listed SOEs.Further,we find that the governance effect of mixedownership reform is influenced by the management power and investor legal protection environment,which means the positive effect of non-state shareholders appointing directors on dividend distributions is more significant under weak management entrenchment or strong legal protection environment.Overall,our findings indicate that the mixed ownership reform with non-state shareholders participated in will improve the corporate governance level of SOEs,protect the interests of minority shareholders,and promote the development of China’s capital market.

作者黎文飞马新啸蔡贵龙 Wenfei Li;Xinxiao Ma;and Guilong Cai(School of Management,Guangzhou University,Guangzhou Guangdong 510006,China;School of Business,Sun Yat-Sen University,Guangzhou Guangdong 510275,China;The Center for Accounting,Finance and Institutions,Sun Yat-Sen University,Guangzhou Guangdong 510275,China)

机构地区广州大学管理学院中山大学管理学院中山大学现代会计与财务研究中心

出处《会计与经济研究》 CSSCI 北大核心 2020年第4期59-78,共20页 Accounting and Economics Research

基金国家社会科学基金重大项目(17ZDA086)。

关键词混合所有制改革国有企业分红非国有股东公司治理 mixed ownership reform dividend distribution in SOEs non-state shareholders corporate governance

分类号 F271.5 [经济管理—企业管理]

作者简介黎文飞,博士,广州大学管理学院副教授,sesliwind@gzhu.edu.cn;通讯作者:马新啸,中山大学管理学院、现代会计与财务研究中心博士生,maxx3@mail2.sysu.edu.cn;蔡贵龙,博士,中山大学管理学院、现代会计与财务研究中心助理教授,caiglong@mail2.sysu.edu.cn。