分类号___F275____密级__公开____
收藏编号___________学号_190727087__
学校代码10386编号_____________
（专题研究）
混合所有制改革、内部控制与投资效率
—基于DID 模型的实证研究
研究方向：财务管理
研究生姓名：郑红珠
指导教师、职称：刘微芳副教授
协助导师、职称：
所在学院：经济与管理学院
答辩委员会主席：辛林教授
二〇二二年六月
混合所有制改革、内部控制与投资效率
——基于DID 模型的实证研究
摘要
投资效率影响并决定着企业的价值，如何提高企业投资效率一直是公司治理
和公司财务研究的重要课题。十九大报告书特别指出，要深化国有企业改革，全
力发展混合所有制。可见，在现阶段，混合所有制改革进入了实质性的改革时期。
国企混合所有制改革的根本目的与最终归宿是为了实现企业的价值提升。与此同
时，内部控制通过一些行之有效的制度，规范管理层的各种行为，能够缓解信息
不对称问题，降低代理成本，从而提升企业的投资决策的有效性。那么混合所有
企业优化企业投资效率的作用机理是什么？内部控制是否在其中发挥了重要的
中介作用？本文研究的重点在于聚焦混合所有制改革、内部控制和投资效率的关
系，这对促进当前疫情背景下混合所有制改革具有极其重要的意义。
为此，本文选取了2011-2020年间7796个在沪深两市A 股上市的国企年度
财务数据为样本，采用PSM-DID 模型实证检验混合所有制改革、内部控制与投资
效率之间存在的相关关系，尤其是研究内部控制在混合所有制改革中对于投资效
率的中介效应，以探析三者间的作用机理。本文研究表明：（1）混合所有制改革
与投资效率显著正相关，即混合所有制企业的混合程度越高，企业的投资效率也
越高。（2）混合所有制改革与内部控制质量显著正相关，即在混合所有制企业中
引入非国有股东，可以规范高层管理者的行为，为内部控制制度的执行、监督提
供不竭动力。（3）内部控制在混合所有制改革中对投资效率的促进作用中发挥了
重要的中介作用。内部控制通过行之有效的监督、约束、激励制度来明晰权责，
促使高管做出最好的投资决策，避免道德风险和信息不对称等问题，提升企业的
投资效率。并且，行之有效的内部控制能够令企业的决策能力和融资能力提高，
因此，混合所有制改革通过内部控制对投资效率施加作用和影响。针对研究结果，
本文建议继续推进国有企业混合所有制改革以及强化和完善内部控制制度建设，
以期提升企业投资效率。
关键词：混合所有制改革；投资效率；内部控制；DID 模型；中介效应
I
Mixed Ownership Reform,Internal Control and
Investment Efficiency—An Empirical Study Based
on DID Model
Abstract
Investment efficiency affects and determines the value of an enterprise.How to
promote the investment efficiency of an enterprise has always been an important subject
of corporate governance and corporate finance research.The report of the 19th
National Congress of the Communist Party of China pointed out that it is necessary to
deepen the reform of state-owned enterprises and develop a mixed-ownership economy.
At this stage,the mixed ownership reform of state-owned enterprises has entered a
period of really substantive reform,what’s more,the fundamental and finally purpose
of the mixed ownership reform of state-owned enterprises is to finally realize the value
enhancement of enterprises turly.At the same time,internal control regulates various
behaviors of management through some effective systems,which can effectively
alleviate the problem of information asymmetry,reduce agency costs,and improve the
effectiveness of enterprise investment decisions.So what is the mechanism of mixing
all enterprises to optimize the investment efficiency of enterprises?Did internal control
play an important mediating role?The research of this paper focuses on exploring the
relationship between mixed ownership,internal control and investment efficiency,
which is of profound significance for promoting mixed ownership reform in the new
era,improving the governance system of state-owned enterprises,and promoting the
efficiency of the operating mechanism of state-owned enterprises.
To this end,this paper selects the annual observation data of 7796state-owned and
state-owned enterprises listed on A-shares in Shanghai and Shenzhen stock exchanges
from 2011to 2020as samples,and uses the PSM-DID model to empirically test the
relationship between mixed ownership,internal control and investment efficiency.In
particular,it studies the mediating effect of internal control on investment efficiency in
mixed ownership,in order to explore the mechanism of mixed ownership on investment
efficiency and internal control.The research in this paper shows that:(1)Mixed
ownership reform is significantly positively correlated with investment efficiency,
which means the higher degree of equity mixing in mixed-ownership enterprises,the
higher investment efficiency of the enterprise.(2)Mixed ownership reform has a
significant positive relationship with the quality of internal control of the enterprise.
II
This means the introduction of non-state-owned shareholders in mixed-ownership
enterprises can limit the balance of state-owned controlling shareholders,regulate the
behavior of senior managers,and provide an inexhaustible impetus for the
establishment,implementation and supervision of internal control systems.(3)Internal
control plays an important intermediary role in the promotion of investment efficiency
in mixed ownership reform.Internal control clarifies rights and responsibilities through
effective supervision,restraint,and incentive systems,urges executives to make the
best investment decisions,avoids problems such as moral hazard and information
asymmetry,and improves the investment efficiency of enterprises.Moreover,effective
internal control can improve the decision-making ability and financing ability of
enterprises.Therefore,mixed ownership reform exerts a role and influence on
investment efficiency through internal control.In view of the research results,this paper
intends to go on promoting the mixed ownership reform of state-owned enterprises and
strengthening and improve the construction of internal control systems,in order to
improve the efficiency of enterprise investment.
Key words:Mixed ownership reform;Investment Efficiency;
Internal Control;DID model;The mediation effect
III
目录
第一章绪论...............................................................................................1
1.1研究背景及意义...............................................................................1
1.1.1研究背景.....................................................................................1
1.1.2.研究意义......................................................................................2
1.2研究内容及结构...............................................................................3
1.2.1研究内容.....................................................................................3
1.2.2研究结构.....................................................................................4
1.2.3研究方法.....................................................................................5
1.3本文重难点与创新点.......................................................................5
1.3.1本文重难点.................................................................................5
1.3.2本文创新点.................................................................................6
第二章文献综述与理论基础..................................................................7
2.1相关概念的界定...............................................................................7
2.1.1混合所有制.................................................................................7
2.1.2投资效率.....................................................................................7
2.1.3内部控制.....................................................................................8
2.2文献综述...........................................................................................9
2.2.1投资效率.....................................................................................9
2.2.2混合所有制与投资效率...........................................................10
2.2.3内部控制与投资效率...............................................................11
2.2.4混合所有制与内部控制...........................................................13
2.2.5文献述评...................................................................................15
2.3理论基础.........................................................................................16
2.3.1信息不对称理论.......................................................................16
2.3.2产权理论...................................................................................17
2.3.3内部控制理论...........................................................................17
2.3.4所有制理论...............................................................................17
第三章理论分析与假设提出................................................................19
3.1混合所有制改革对投资效率的影响............................................19
3.2混合所有制改革对内部控制的影响............................................20
3.3内部控制对投资效率的影响........................................................21
3.4内部控制的中介效应.....................................................................21
3.4.1中介变量的研究方法...............................................................21
3.4.2中介传导效应的合理性...........................................................22