专业化功能定位与竞争类国有企业投资羊群行为——基于国有企业分类改革的准自然实验

专业化功能定位与竞争类国有企业投资羊群行为——基于国有企业分类改革的准自然实验

Specialized Functional Positioning and Investment Herd Behavior of Competitive State-owned Enterprises: A Quasi-natural Experiment Based on the Classification Reform of State-owned Enterprises

《财经研究》2023年49卷第4期 页码：20 - 34 online：2023年4月3日

作者

中：朱滔 , 涂跃俊

英：Zhu Tao, Tu Yuejun

作者单位：暨南大学 管理学院，广东 广州 510632

摘要及关键词

摘要：传统二元制功能定位要求所有国有企业都承担社会性与盈利性并举的功能，而分类改革则秉持因类制宜的制度逻辑，鼓励并引导不同类别国有企业专注于各自适宜的功能定位，使得国有企业功能定位自此呈现出专业化特征。为此，文章以分类改革的实施作为准自然实验，考察了与传统二元制功能定位相比，改革后的专业化功能定位对竞争类国有企业投资羊群行为的影响。研究发现，专业化功能定位显著抑制了竞争类国有企业投资羊群行为，这种抑制效应在行业产品市场竞争更弱和地区市场化程度更高的情况下更加明显。其中，改善委托代理问题和促进经理人才能发挥是这种抑制效应的主要影响路径。此外，专业化功能定位还提高了竞争类国有企业的投资效率，具体表现为投资水平对企业经济业绩的边际贡献在分类改革后显著提升。文章从功能定位专业化视角揭示了分类改革影响微观企业行为的政策效应、作用机制及其经济后果，为进一步深化国有企业改革、化解因投资羊群行为引致的产能过剩问题提供了重要的经验借鉴。

关键词：专业化功能定位；分类改革；竞争类国有企业；投资羊群行为

Summary: The traditional dual system function positioning requires all state-owned enterprises to undertake the functions of sociality and profitability, while the classification reform adheres to the system logic of adapting measures to different types of conditions, and encourages and guides different types of state-owned enterprises to focus on their respective appropriate functional positioning, so that the functional positioning of state-owned enterprises has shown the characteristic of specialization since then. This provides a rare experimental scene for the theoretical community to empirically test the difference between the functional positioning of dualism and specialization. This paper takes the implementation of classification reform as a quasi-natural experiment, and studies the impact of the specialized functional positioning after the reform on the investment herd behavior of competitive state-owned enterprises. The study finds that the specialized functional positioning significantly inhibits the investment herd behavior of competitive state-owned enterprises, and this inhibitory effect is more obvious in the case of weaker industry product market competition and higher regional marketization. Among them, mitigating the principal-agent problem and promoting the talents of managers are the main influence paths of this inhibitory effect. In addition, the specialized functional positioning also improves the investment efficiency of competitive state-owned enterprises, as the marginal contribution of investment level to the business performance of enterprises has been significantly improved after the classification reform. From the perspective of functional positioning specialization, this paper reveals the policy effect, mechanism and economic consequences of classification reform affecting micro-firm behavior. It provides important empirical evidence for further deepening the reform of state-owned enterprises and resolving the problem of overcapacity caused by investment herd behavior. Specifically, this paper extracts the following policy implications: First, adhere to the reform logic of state-owned enterprises according to different conditions, and improve the scientificity and pertinence of reform policies. Second, encourage competitive state-owned enterprises to actively undertake specialized functions based on the principle of giving priority to economic benefits, and reasonably increase the proportion of profitability targets in performance assessment. Third, strengthen the prevention of overcapacity risks caused by investment herd behavior, and attach importance to managers’ responsibilities in rational investment decision-making.

Key words:specialized functional positioning; classification reform; competitive state-owned enterprises; investment herd behavior

其他信息

DOI：10.16538/j.cnki.jfe.20220519.202

收稿日期：2021-12-14

基金项目：国家自然科学基金面上项目（71672076）

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