| Author: | 杨云涛 Yang, Yuntao |
| Title: | 国有资本参股、耐心资本与社会价值 |
| Other Title: | State shareholding, patient capital, and social value |
| Advisors: | 叶康涛 (RU) 王玉涛 (RU) |
| Degree: | D.Mgt. |
| Year: | 2026 |
| Department: | Faculty of Business |
| Pages: | 1 volume (various pagings) : illustrations |
| Language: | Chinese |
| Abstract: | 作为混合所有制改革的重要创新路径，逆向混改通过国有资本参股非公企业，为优化资源配置效率和实现企业高质量发展提供了新范式。本研究基于逆向混改的战略框架，以国有资本参股为具体切入点，系统考察这一制度创新对企业经济效率与社会价值的协同影响。当前关于逆向混改的研究多关注国有资本参股后的经济效应，而对其社会价值的影响关注较少，本文则试图弥补这一研究不足。 本研究基于中国 A 股上市公司数据，采用实证分析方法，从企业内部治理层面、资本市场层面和社会发展层面三个维度，系统考察国有资本参股的综合影响及其作用机制。在企业内部治理层面，本文研究发现国有资本参股显著提升了企业的董责险购买率，表明其通过优化治理机制、强化风险防控需求和增强信号传递效应，有效缓解了代理问题并提升了风险防控能力；在资本市场层面，国有资本参股有利于培育和发展耐心资本，具体表现为换手率的显著下降；在社会价值层面，研究发现国有资本参股显著促进企业吸纳就业，反映其通过资源注入、治理优化及政策导向。为确保结论可靠性，本研究采用了替换变量、工具变量回归等多种稳健性检验方法，结果均保持一致。 本研究的主要贡献在于从多维视角研究了国有资本参股的综合效应，尤其是在其社会价值层面提供了丰富的经验证据。在企业内部治理层面，通过揭示国有资本对董责险购买的正向影响，本研究填补了治理工具创新研究的不足；在资本市场层面，发现了耐心资本培育的新路径；在社会价值层面，将所有制结构变革与收入分配纳入统一框架，为 “共同富裕” 目标提供了路径支撑。 |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 9079.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.89 MB | Adobe PDF | View/Open |
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