企业混合所有制改革与中国式扶贫脱贫之道——基于国有资本参股民营企业的视角

Mixed Ownership Reform and the Way of Poverty Alleviation in China: Evidence from State-owned Capital Shareholders in Private Firms

《财经研究》2023年49卷第8期 页码：34 - 48 online：2023年8月3日

作者

中：吴世农1 , 杨玲玲1 , 汤旭东2

英：Wu Shinong1, Yang Lingling1, Tang Xudong2

作者单位：1. 厦门大学 管理学院，福建 厦门 361005; 2. 华南理工大学 工商管理学院，广东 广州 510641

摘要及关键词

摘要：近年来，中国扶贫事业取得了巨大成就，系统解构其实现路径具有重要的理论与应用价值。文章从国有资本参股民营企业的视角，考察产权混合所有制改革对于企业扶贫参与的促进作用。文章立足于中国民营企业存在大量国有股权的基本现实，根据股权结构影响企业行为的基础逻辑，系统分析了国资参股对民营企业扶贫参与的积极影响及其内在机理。基于2016—2020年A股民营上市公司的样本，文章实证研究发现，国资参股明显地促进了民营企业的扶贫参与，在一系列稳健性检验后该结论仍成立。机制检验发现，国资参股通过提升民营企业的资源基础和强化民营企业对扶贫社会责任的价值认同而产生作用。进一步分析发现，该作用在有同省份国有资本参股的民营企业、政府干预较强地区及贫困程度较高地区的民营企业中更为明显。文章探索了我国企业混合所有制改革与精准扶贫之间的学理关系，从理论上丰富了混合所有制改革成效的研究，为“十四五”时期巩固扶贫成果以及深化混合所有制改革提供了重要的政策依据，也为其他发展中国家探索反贫困道路提供了有益借鉴。

关键词：混合所有制；国有资本参股；精准扶贫；企业社会责任

Summary: In recent years, China has made great achievements in poverty alleviation, which is inseparable from the strong support of various firms. Unlike state-owned enterprises that shoulder the dual tasks of economics and politics, why private firms actively participate in poverty alleviation program is an important but rarely studied issue. Based on the reality that there is a large amount of state-owned capital in Chinese private firms, this paper examines the relationship between the mixed ownership of firms and poverty alleviation from the perspective of state-owned capital shareholders in private firms, and explores the economic role of mixed ownership in poverty alleviation. Using the sample of A-share private listed firms from 2016 to 2020, the empirical results of this paper show that state-owned capital shareholders promote the participation of private firms in poverty alleviation program, and this conclusion is still valid after a series of robustness tests. On this basis, we find that improving the resource base of private firms and strengthening the value recognition of private firms for poverty alleviation are potential mechanisms for state-owned capital shareholders to promote targeted poverty alleviation of private firms. In addition, we find that for private firms with state-owned capital shareholders in the same province, and private firms in areas with stronger government intervention and higher poverty levels, the effect of state-owned capital shareholders promoting the participation of private firms in targeted poverty alleviation is more obvious. Finally, we examine what kinds of poverty alleviation methods are mainly affected by state-owned capital shareholders, and find that state-owned capital shareholders effectively contribute to poverty alleviation by helping the poor to access education, get jobs and build aspirations. The contributions of this paper are as follows: (1) It enriches the theoretical research on targeted poverty alleviation and reveals the mode and mechanism of poverty alleviation in China from a new perspective. (2) It supplements the research on the socio-economic role of mixed ownership reform from the perspective of state-owned capital shareholders in private firms. (3) It enriches the literature on corporate social responsibility from the perspective of the relationship between mixed ownership reform and targeted poverty alleviation. (4) It helps to consolidate the achievements of poverty alleviation during the 14th Five-Year Plan period and deepen the formulation of policies related to the reform of state-owned assets supervision system. At the same time, it also provides a useful reference for developing countries to explore the path of anti-poverty on a global scale.

Key words: mixed ownership; state-owned capital shareholders; targeted poverty alleviation; corporate social responsibility

其他信息

DOI：10.16538/j.cnki.jfe.20230414.301

收稿日期：2022-09-19

基金项目：国家自然科学基金重大项目（71790601）；国家自然科学基金面上项目（71972160）

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