国有企业监管体制的去杠杆效应——来自国有企业隶属关系变更的理论逻辑与经验证据

The Deleveraging Effect of the Regulatory System of SOEs: Theoretical Logic and Empirical Evidence from the Change of SOE Affiliation

《财经研究》2023年49卷第4期 页码：4 - 19 online：2023年4月3日

作者

中：马文涛1 , 董松柯1 , 贾鹏飞2 , 韩瑾3

英：Ma Wentao1, Dong Songke1, Jia Pengfei2, Han Jin3

作者单位：1. 西安交通大学 经济与金融学院，陕西 西安 710061; 2. 南京大学 商学院，江苏 南京 210093; 3. 香港中文大学—清华大学中国经济联合研究中心，香港 999077

摘要及关键词

摘要：我国实施的供给侧结构性改革取得了积极的去杠杆效果。文章基于组织结构模型和工业企业数据，探讨了国有企业监管体制这一供给侧结构性改革的重要方面所具有的去杠杆效应。研究发现，以隶属关系变更为代表的国有企业监管授权与其杠杆率之间呈现负向关系。经过一系列稳健性检验和内生性分析，这一结果依然成立。这缘于监管授权对以内部决策分权为代表的微观组织结构的正向影响，这一中介效应对国有企业杠杆率的解释程度超过30%。宽松的货币政策和企业内部较低的纵向沟通成本会弱化监管授权对国有企业杠杆率的影响，而所隶属政府面临的稳增长压力则会增强这种影响。因此，不仅要从宏观上多措并举持续优化改革措施，更要从微观上监测由此可能引起的组织结构变化，逐步形成宏微观统一且相互衔接的供给侧结构性改革总体框架。

关键词：供给侧结构性改革；监管体制；授权；微观组织结构；杠杆率

Summary: Under the wave of global leveraging in the post-crisis era, China’s supply-side structural reform is unique all over the world, and it continues to optimize reform measures and achieve a positive effect of deleveraging through multiple measures and coordinated promotion. Based on the regulatory system of SOEs, which is an important aspect of supply-side structural reform, using the data of industrial enterprises from 1998 to 2013, this paper takes the change of affiliation as the representation of the authorization of the regulatory system of SOEs, combines the theoretical analysis on the basis of enterprise organizational structure model with the econometric analysis based on panel data, and discusses the deleveraging effect of supply-side structural reform from the perspective of the regulatory system of SOEs. The results show that: As a whole, there is a negative correlation between the authorization of the regulatory system characterized by the change of affiliation and the leverage ratio of SOEs, which not only passes the robustness tests of core explanatory variable substitution, fixed-effect adjustment, sample adjustment, possible policy shock control, and control variable correlation, but also passes the endogeneity tests of instrumental variable method and quasi-natural experiment centered on the centralized reform of the regulatory system of SOEs in 2003. Further mechanism test shows that: The above relationship stems from the positive impact of regulatory authorization on the micro-organizational structure represented by the decentralization of internal decision-making. That is, regulatory authorization triggers the deleveraging process of SOEs by expanding the decentralization of internal decision-making. Quantitative analysis on the basis of mediating effect model shows that the above-mentioned mediating effect explains the leverage ratio of SOEs by more than 30%. The heterogeneity test shows that monetary policy, internal vertical communication costs and target consistency between superiors and subordinates all play a significant role in the deleveraging effect. Loose monetary policy and low internal vertical communication costs will weaken the deleveraging effect, the stabilization of growth pressure faced by SOEs under the government will strengthen the deleveraging effect, and the role of financing constraints and corporate efficiency is neither stable nor significant. Accordingly, while using supply-side structural reform to manage the economic leverage process, it is necessary to not only take multiple measures at the macro level to continuously optimize specific reform policies, but also monitor the changes of micro-organizational structure that may be triggered by the reform from the micro level, gradually improve and form an overall framework for the supply-side structural reform, and deepen the reform of the regulatory system of SOEs. At the same time, macro polices should take the trade-off between growth stabilization and risk prevention as the constraint, and should not ignore the government organizational structure, so as to achieve the uniformity and precision of macro polices.

Key words:supply-side structural reform; regulatory system; authorization; micro-organizational structure; leverage rate

其他信息

DOI：10.16538/j.cnki.jfe.20230115.101

收稿日期：2022-09-03

基金项目：国家自然科学基金项目（71573206，72104101）；西安交通大学学科交叉项目（SK2021041）

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