摘要
自新一轮国有企业改革以来，为了加快企业改革速度深化改革程度，以达到
提升企业效率促进企业可持续发展的目标，指导企业改革的政策性文件不断出台。
根据企业实际改革情况并依据相关理论基础，指导改革的文件不断深入、细化，
由鼓励各类资本参与混改、按照分类分层推进改革、到要求由“混资本”变为“改
机制”。可见国家对于企业改革高度重视，企业在改革政策的指导下积极参与混
改并取得一定成果。但是，改革中暴露出的国有资产流失问题，以及非国有资本
混改后无法参与企业经营管理而导致非国有企业缺乏改革积极性等问题，使得公
众对混改的经济后果产生怀疑，阻碍改革的推行。为了验证企业经过混改后的经
济效果，文章将研究混改对企业财务绩效的影响和混改后企业股权结构设计问题，
并进一步探究混改影响企业财务绩效的作用机制。
文章首先对混合所有制改革和企业绩效相关的文献进行梳理，在委托代理理
论、产权理论、资源依赖理论和利益相关者理论的基础上提出本文的研究假设，
选取在 2010-2018年间进行混合所有制改革的国有企业和非国有企业作为研究
对象，以探究混改与企业财务绩效之间的关系以及混改后企业股权结构的设计问
题。为了提高检验结果的合理性，首先运用倾向得分匹配法为观察组企业寻找特
征相似的控制组，然后构建双重差分模型进行检验。为了研究混改影响企业财务
绩效的作用机制，构建中介效应模型检验由于混改对企业产生的监督机制、激励
机制和互补机制的作用效果。研究发现：混合所有制改革能够提升企业财务绩效。
混改后国有资本弱化控制权，有利于企业财务绩效的改善。混改所产生的监督机
制、激励机制和互补机制在混改提升企业绩效的过程中起到了部分中介作用。
关键词：混合所有制改革，企业财务绩效，股权混合度，作用机制
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Abstract
Since the new round of state-owned enterprise reform, in order to accelerate the speed
and deepen the reform degree, to achieve the goal of improving enterprise efficiency
and promoting sustainable development of enterprises, policy documents guiding
enterprise reform have been issued continuously. According to the actual reform
situation of enterprises and the relevant theoretical basis, the documents guiding reform
have been deepened and refined, from encouraging all kinds of capital to participate in
mixed capital reform, promoting reform according to the classification and
stratification, to requiring the change from "mixed capital" to "reform mechanism". It
can be seen that the state attaches great importance to enterprise reform. Under the
guidance of reform policies, enterprises actively participate in mixed reform and
achieve certain results. However, the loss of state-owned assets and the lack of reform
enthusiasm of non-state-owned enterprises due to the inability of non-state-owned
capital to participate in the operation and management of enterprises after the reform
have made the public doubt the economic consequences of the reform and hindered the
implementation of the reform. In order to verify the economic effect of the mixed-
ownership reform, this paper will study the influence of the mixed-ownership reform
on the financial performance of enterprises and the design of the ownership structure
of enterprises after the mixed-ownership reform, and further explore the mechanism of
the influence of the mixed-ownership reform on the financial performance of
enterprises.
This paper on the ownership reform of the literature related to business performance,
the principal-agent theory, property rights theory, resource dependence theory and
stakeholder theory is put forward in this paper, on the basis of the research hypothesis,
selection from 2010-2018 mixed ownership reform of state-owned enterprises and non-
state-owned enterprises as the research object, To explore the relationship between
mixed-ownership reform and corporate financial performance and the design of
corporate ownership structure after mixed-ownership reform. In order to improve the
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