国企混改能成为提效率和去杠杆的途径吗？

谢  富  生

国企混改能成为提效率和去杠杆的途径吗？

引用本文：谢富生.国企混改能成为提效率和去杠杆的途径吗？[J].财经理论与实践,2020,(2):9-14

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作者	单位
谢富生	（上海财经大学经济学院上海 200433）

中文摘要:在市场竞争环境中，混合所有制经济通过企业间的团队合作，结合国有资本的融资优势与民营资本的效率优势，产生互补的企业治理效果。在产权与企业合作框架下，建立存在金融摩擦的理论模型，探讨国企混改对企业提效率、去杠杆的影响。结果表明：混合所有制改革有利于企业绩效的改善；综合考虑生产效率及借贷约束，企业的国有股份比例和绩效是状态依存的。

中文关键词:国企混改所有制融资约束效率集团合作

Mixed Reform of State-Owned Enterprises Can Become a Way to Improve Efficiency and Reduce Leverage?

Abstract:With cooperation between teams, the mixed-ownership has both the financing advantage of the SOEs and the competitive ability of the Private firms, which can improve the governance of the firms. In the framework of property rights and corporation, this paper builds a model following the financial frictions literature, and studies efficiency promotion and leverage releasing of the mixed-ownership reform. The main results include: 1. on average, the mixed-ownership reform enhances the performance of the firms; 2. the relationship between the share of state ownership and the performance depends on both the productivity and the restriction of financing.

keywords:mixed ownership ownership financial restriction efficiency team

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