国企“混改”对企业金融资产配置的影响研究
Research on the Impact of “Mixed Ownership Reform” of State-Owned Enterprises on the Allocation of Financial Assets of Enterprises

近年来，实体经济“脱实向虚”问题日益严重，大量资金在金融市场“空转”，而相比于其他企业，国企资源配置率更低，所以党中央提出要进行混合所有制改革。文使用样本数据，就国企混合所有制改革对企业金融资产配置的影响，进行实证检验。结果发现，国企混改可以提高企业的金融资产配置效率。通过分析影响机理可知，出于“预防性储蓄”的目的，国企混改主要通过改善公司监督治理和缓解融资约束促进企业？融资产配置效率。最后，异质性影响表明，混改后的国企会更加愿意配置流动性较高的金融资产，混改对东部地区的金融资产投资拉动效应更明显，混改后的国企更显著地促进高创新水平企业的金融资产投资。根据理论分析和实证研究结果，本文对国企混改以及金融资产投资提出相关建议。
In recent years, the real economy has become increasingly serious, a large amount of funds in the financial market “idling”, and compared with other enterprises, the resource allocation rate of state-owned enterprises is lower, so the Party Central Committee proposed to carry out mixed ownership reform. This paper uses sample data to empirically test the impact of the mixed ownership reform of state-owned enterprises on the allocation of financial assets. The results show that the mixed-ownership reform of state-owned enterprises can improve the efficiency of financial asset allocation. Through the analysis of the impact mechanism, it can be seen that for the purpose of “pre-cautionary savings”, the mixed-ownership reform of state-owned enterprises mainly promotes the efficiency of corporate financial asset allocation by improving corporate supervision and governance and alleviating financing constraints. Finally, the heterogeneous impact shows that the state-owned enterprises after the mixed-ownership reform will be more willing to allocate financial assets with higher liquidity, the pulling effect of the mixed-ownership reform on the financial asset investment in the eastern region is more obvious, and the state-owned enterprises after the mixed-ownership reform will significantly promote the financial asset investment of high-innovation enterprises. Based on the theoretical analysis and empirical research results, this paper puts forward relevant suggestions for the mixed ownership reform of state-owned enterprises and the investment of financial assets.