当代财经 ›› 2025, Vol. 0 ›› Issue (8): 152-164.

• 现代会计 • 上一篇    

非国有股东参与国有企业治理对国有企业海外子公司经营绩效的影响——来自国有企业混合所有制改革的证据

马新啸a,b, 韩颜祯c, 梁正一c   

  1. 中国海洋大学 a.管理学院 b.中国企业营运资金管理研究中心 c.经济学院,山东 青岛 261000
  • 收稿日期:2024-12-30 修回日期:2025-05-22 出版日期:2025-08-15 发布日期:2025-09-03
  • 通讯作者: 韩颜祯,中国海洋大学博士研究生,主要从事国际金融与公司财务研究,联系方式hanyanzhen1916@163.com。
  • 作者简介:马新啸,中国海洋大学副教授,管理学博士,主要从事公司治理与公司财务研究;梁正一,中国海洋大学博士研究生,主要从事国际金融与公司财务研究。
  • 基金资助:
    国家自然科学基金青年项目“国有企业与民营资本组建混合战略联盟的动因、效果及作用机理研究”(72302224); 中国博士后科学基金面上资助项目“产权权利束分割提升国有企业核心竞争力的效果与机理研究”(2023M733331); “泰山学者”工程专项经费项目“国有企业实施混合所有制战略联盟的经济后果研究”(tsqn202306100)

The Impact of Non-State Shareholders' Participation in the Governance of State-Owned Enterprises on the Operational Performance of Their Overseas Subsidiaries: Evidences from the Mixed Ownership Reform of State-Owned Enterprises

Ma Xin-xiao, Han Yan-zhen, Liang Zheng-yi   

  1. Ocean University of China, Qingdao 266100, China
  • Received:2024-12-30 Revised:2025-05-22 Online:2025-08-15 Published:2025-09-03

摘要: 国有企业作为中国特色社会主义的重要物质基础和政治基础,其海外经济活动的良好运作对优化其业务结构和推动其高质量发展十分重要。以混合所有制改革的国有上市公司为研究对象,研究了非国有股东参与国有企业治理对国有企业海外子公司经营绩效的影响。研究发现,非国有股东参与国有企业治理可以弱化政府干预、抑制高管激进决策和强化国有企业的内部监督,因而非国有股东参与国有企业治理可以提高国有企业海外子公司的经营绩效。异质性检验表明,外贸经验丰富、创新水平高、管理经验丰富、持股比例高的非国有股东参与国有企业治理更有助于提高国有企业海外子公司的经营绩效。拓展性研究表明,非国有股东参与国有企业治理能遏制国有企业的海外关联交易,从而可以提高国有企业的整体利润。为此,要切实保障非国有股东参与国有企业治理的权利和完善国有企业海外子公司的管理制度。

关键词: 海外子公司绩效, 混合所有制国有企业, 非国有股东治理, 海外关联交易

Abstract: As an important material and political foundation of socialism with Chinese characteristics, the smooth operation of the overseas economic activities of state-owned enterprises (SOEs) is crucial for optimizing their business structure and promoting their high-quality development. Taking state-owned listed companies undergoing mixed ownership reform as the research object, this study investigates the impact of non-state shareholders' participation in SOE governance on the operational performance of SOE overseas subsidiaries. The findings show that the participation of non-state shareholders in the governance of state-owned enterprises can weaken government intervention, inhibit the aggressive decision-making by senior executives, and strengthen internal supervision within state-owned enterprises. Therefore, the participation of non-state shareholders in the governance of state-owned enterprises can improve the operational performance of overseas subsidiaries of state-owned enterprises. The heterogeneity tests indicate that non-state shareholders with rich foreign trade experience, high innovation levels, extensive management experience, and high shareholding ratios are more conducive to improving the operational performance of overseas subsidiaries of state-owned enterprises. The extensive research has shown that the participation of non-state shareholders in the governance of state-owned enterprises can curb overseas related-party transactions conducted by these enterprises, thereby enhancing their overall profits. To this end, it is necessary to effectively safeguard the rights of non-state shareholders to participate in the governance of state-owned enterprises and improve the management system of overseas subsidiaries of state-owned enterprises.

Key words: performance of overseas subsidiaries, state-owned enterprises with mixed ownership, non-state shareholders' governance, overseas related-party transactions

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