陈圆润, 王跃堂, 杨钦. 非国有股东委派董事和高管如何促进国有资产保值增值——基于进入权理论视角J. 证券市场导报, 2026, (9): 27-36.
引用本文: 陈圆润, 王跃堂, 杨钦. 非国有股东委派董事和高管如何促进国有资产保值增值——基于进入权理论视角J. 证券市场导报, 2026, (9): 27-36.
Chen Yuanrun, Wang Yuetang, Yang Qin. How Non-State Shareholders' Appointments of Directors and Executives Promote the Preservation and Appreciation of State-Owned Assets: A Perspective Based on Entry Rights TheoryJ. Securities Market Herald, 2026, (9): 27-36.
Citation: Chen Yuanrun, Wang Yuetang, Yang Qin. How Non-State Shareholders' Appointments of Directors and Executives Promote the Preservation and Appreciation of State-Owned Assets: A Perspective Based on Entry Rights TheoryJ. Securities Market Herald, 2026, (9): 27-36.

非国有股东委派董事和高管如何促进国有资产保值增值——基于进入权理论视角

How Non-State Shareholders' Appointments of Directors and Executives Promote the Preservation and Appreciation of State-Owned Assets: A Perspective Based on Entry Rights Theory

  • 摘要: 在进一步完善混合所有制企业治理机制和监管体制的背景下,非国有股东如何通过委派董事和高管成员在国有资产保值增值方面有效发挥作用值得深入研究。本文基于进入权理论,以沪深A股国有上市公司为样本,研究发现非国有股东委派董事与高管显著促进了国有资产保值增值。作用机制在于:(1)非国有董事获取了重大风险事项、重大投资等决策进入权,强化了对管理层的监督,减少了违规处罚的发生;引导企业发展战略,抑制了过度投资。(2)非国有高管获取了对企业人、财、物等资源直接支配的执行进入权,引导资本流向高附加值的技术创新领域,对研发过程进行精细化运营,提高了专利产出的效率。进一步研究发现,高水平的内部控制对非国有董事和高管的权力行使发挥了支撑作用;债务转为资本能拓宽非国有高管的财务授权空间,强化其对国有企业保值增值的作用。在市场化程度更高的省份、层级更高的企业、董事或高管职业背景差异更小的企业,非国有股东委派行为对国有资产保值增值的影响更显著。本文将国企改革研究视角从“混股权”深入到“改治理”,为实现国有企业高质量发展提供了参考。

     

    Abstract: Against the backdrop of further improving the governance mechanisms and regulatory systems of mixed-ownership enterprises, it merits in-depth investigation as to how non-state shareholders can effectively play a role in the preservation and appreciation of state-owned assets through the appointment of directors and executives. Drawing on entry rights theory and using a sample of state-owned listed companies on the Shanghai and Shenzhen A-share markets, this study finds that the appointment of directors and executives by non-state shareholders significantly promotes the preservation and appreciation of state-owned assets. The underlying mechanisms are as follows: (1) Non-state directors obtain decision-making entry rights over major risk-related matters and significant investments, which amplify monitoring over management, thereby reducing the occurrence of violations and penalties, and strengthen intervention in corporate development strategy, thereby curbing overinvestment. (2) Non-state executives obtain execution entry rights that grant them direct control over the firm's human, financial, and material resources, which guide capital toward high-value-added technological innovation domains, enable refined management of the R & D process, and improve the efficiency of patent output. Further analysis reveals that a high level of internal control provides supportive conditions for the exercise of entry rights by non-state directors and executives, and that debt-to-equity conversion broadens the financial authorization scope of non-state executives, thereby strengthening their contribution to the preservation and appreciation of state-owned assets. The effect of non-state shareholders' appointment of directors and executives on the preservation and appreciation of state-owned assets is more pronounced in provinces with higher levels of marketization, in firms at higher administrative levels, and in firms with less heterogeneity in the professional backgrounds of directors and executives. This paper extends the research perspective on mixed-ownership reform from "mixing ownership" to "improving governance", offering implications for achieving high-quality development of state-owned enterprises.

     

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