【摘要】 投资效率主要受两类因素影响,一是缺乏对项目可行性的知识和信息而导致决策失误,二是股东和经理人信息不对称导致决策偏离目标值。Alchian(1965)指出,公有制企业由于产权可转让性受到限制而难以有效解决这两类问题。文章以2001—2015年国有控股上市企业为样本,运用"渐进式"混合所有制改革"自然实验"条件,检验经济政策和经营环境不确定性对投资效率的影响,以及产权可转让性变迁带来的"纠偏"效应。结果显示,控制投资机会、资金成本、公司风险等因素,企业面临的不确定性会降低其投资效率,导致过度投资或投资不足,产权混合安排使这一状况得以缓解,同时也减轻了其所引起的非效率投资对公司价值的减损程度。在改革前后政策性负担均较重的企业,以上"纠偏"效应依然存在;产权制度环境越差的地区"纠偏"效果越好。研究表明,混合所有制改革作为早期控制权改革的深化举措,在剥离政策性负担之外,其产权专业化所带来的法人治理结构及高管选择和激励机制客观上也改进了企业效率。更多还原

【Abstract】 Investment efficiency is mainly affected by two factors,namely one is decisionmaking mistakes resulting from the lack of knowledge and information about the feasibility of the investment projects,and the other is the deviation of investment from the target value resulting from information asymmetry between shareholders and managers.Alchian(1965) pointed out that it is difficult for stated-owned enterprises(SOEs)to effectively solve both types of problems due to the restricted transferability of property rights.Based on the A-share listed SOEs from 2001 to 2015,using the "natural experiment" conditions of "progressive" mixed ownership reform,this paper investigates the property rights specialization transition of SOEs during the last 15 years.We mainly examine the impact of the operating environment uncertainty(OEU)and economic policy uncertainty(EPU)on investment efficiency,and the "correction" effect resulting from the transition of transferability of property rights.The results show that,control investment opportunities,capital costs,corporate risk,and environmental uncertainty reduce the investment efficiency of SOEs,exacerbating over-investment or under-investment.Specifically speaking,on the one hand,when the enterprises are faced with the greater degree of environmental uncertainty,over-investment level is higher;on the other hand,the greater the uncertainty of operating environment is,the lower under-investment is,while the greater the uncertainty of economic policy is,the higher under-investment is.Mixed ownership structure can significantly mitigate the above situation,and reduce over-investment or under-investment associated with environmental uncertainty.Further study shows that,the ’correction’ effect is also reflected in mitigating the degree of firm value impairment caused by inefficient investment under uncertainty.In the SOEs with heavy policy burdens before and after the reform,the ’correction’ effect of mixed ownership structure still exists,but is weaker than that the one in the SOEs with less policy burdens.Furthermore,the worse the regional environment of property protection is,the more significant the ’correction’ effect of the mixed ownership arrangement is.Overall,this paper shows that,as a deepening reform,apart from divesting the policy burdens,the comparative advantage of specialization brought by the property rights reform can also help to suppress the inefficient investment behavior under the dual expectation of the real option theory and the agent theory,and enhance the firm value.更多还原