混合所有制、内部控制与产权保护

产权保护是所有制的核心,是"混改"成败的关键。以2016年中国A股上市的238家混合所有制企业为研究样本,并使用PSM法选择配对样本,构建混合所有制、内部控制与产权保护的计量模型。研究发现,混合所有制企业并没有显著提高产权保护水平,"混改"深度、"混改"制衡度均与产权保护水平之间存在倒U形关系,即中等"混改"深度和"混改"制衡度更有利于产权保护。国有控股企业的产权保护水平高于非国有控股企业,而非国有控股股东有更好的制衡效果。良好的内部控制有助于提升产权保护水平,并在"混改"深度、"混改"制衡度与产权保护作用中存在显著的正向调节效应。文章丰富了内部控制经济后果的研究,为国有企业混合所有制改革在公司治理层面提供了相应的经验证据。

Mixed ownership, internal control and property rights protection

Property right protection is the core of ownership, and at the same time it is the key to success or failure of mixed ownership reform. The paper takes 238 mixed ownership enterprises listed on A shares in China in 2016 as the research sample, and uses the PSM method to select paired samples, constructs the econometric model of mixed ownership, internal control and property rights protection. The study found that mixed ownership enterprises did not significantly increase property protection level; There is an inverted U relationship between the mixed depth, the degree of the balance of shares and property protection level, namely the medium mixed depth and shares balance degree is more conducive to the protection of property rights. The property protection level of state-owned control enterprises is higher than that of non-state holding enterprises, while non-state controlling shareholders are more appropriate to balance shareholders. Good internal control helps to raise the level of property rights protection, and internal control has a significant positive moderating effect on the depth of mixed, shares balance degree and the protection of property rights. This paper enriches the research on the economic consequences of internal control, and provides relevant empirical evidence for the reform of state-owned enterprises'' mixed ownership at the level of corporate governance.