逆向混改对智能制造企业新质生产力的影响研究——公司治理优化与数字化转型的双重路径
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Impact of Reverse Mixed-Ownership Reform on New Quality Productive Forces of Intelligent Manufacturing Enterprises: The Dual Paths of Corporate Governance Optimization and Digital-Intelligent Transformation
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    摘要:

    逆向混改不仅能缓解民营企业的融资约束,还能优化公司治理、引导战略转型,进而促进民营企业新质生产力发展。以沪深A股民营智能制造上市公司为研究对象,采用2011—2024年的数据分析发现:逆向混改显著提升了民营智能制造企业的新质生产力水平,且显著降低了代理成本(经营费用率和管理费用率)、提高了数智化转型程度和数字技术创新水平,即逆向混改通过优化公司治理和促进数智化转型两条路径提升了民营智能制造企业新质生产力水平;企业所在地区市场化指数的提高会强化逆向混改的新质生产力提升效应,表明良好的企业经营环境有利于充分发挥混合所有制改革的积极作用;逆向混改对新质生产力的提升作用,在东部地区、成立时间较长的民营智能制造企业中更强,在非重污染行业中显著,而在重污染行业中不显著。因此,应充分发挥国有股东对民营企业的治理优化与数智赋能作用,分层分类推进逆向混改,并系统优化企业经营环境,以充分释放混合所有制改革红利。

    Abstract:

    Against the backdrop of a new round of global technological revolution and industrial transformation, next-generation information technology is becoming deeply integrated with the manufacturing industry. As a synthesis of advanced manufacturing and digital technologies, intelligent manufacturing has emerged as a key engine for generating new quality productive forces. In this context, this study takes A-share listed private intelligent manufacturing enterprises from 2011 to 2024 as research samples and empirically examines the impact of reverse mixed-ownership reform on new quality productive forces in intelligent manufacturing enterprises, along with its mechanisms and heterogeneous characteristics, using econometric methods including two-way fixed effects model, instrumental variable method, and system generalized method of moments (SYS-GMM). The study first constructs a measurement system for new quality productive forces comprising 13 tertiary indicators under three primary dimensions: new quality laborers, new quality labor objects, and new quality labor means. The degree of reverse mixed-ownership reform is measured by the ratio of the sum of state-owned shareholder holdings among the top ten shareholders to the total shareholding ratio of the top ten shareholders. The baseline regression results indicate that reverse mixed-ownership reform has a significant positive impact on new quality productive forces in intelligent manufacturing enterprises, and this conclusion remains robust after conducting robustness tests such as replacing variable measurements, changing model specifications, and winsorizing outliers, as well as endogeneity tests including the instrumental variable method and SYS-GMM. In terms of mechanism testing, this study verifies the existence of two mediating paths—corporate governance optimization and digital-intelligent transformation—based on principal-agent theory, dynamic capability theory, and task-technology fit model. The findings reveal that reverse mixed-ownership reform enhances enterprise new quality productive forces by optimizing corporate governance structure and reducing agency costs on one hand, while on the other hand, it accelerates the process of enterprise digital-intelligent transformation, thereby promoting production efficiency and management effectiveness. Furthermore, this study finds that a favorable business operating environment plays a significant positive moderating role, where the promoting effect of reverse mixed-ownership reform on new quality productive forces is more pronounced in regions with a higher marketization degree, less government intervention, and a better legal environment. The heterogeneity analysis shows that the enhancement effect of reverse mixed-ownership reform on new quality productive forces varies significantly across geographic locations, industry attributes, and enterprise ages, with more pronounced effects in eastern regions, non-heavy pollution industries, and enterprises with longer establishment histories. The innovation of this study lies in focusing the research context on intelligent manufacturing, a key strategic field for cultivating new quality productive forces, and proposing and empirically testing the digital-intelligent transformation as a mediating mechanism with distinctive contemporary characteristics, thereby providing new theoretical perspectives and empirical evidence for revealing the internal mechanism through which reverse mixed-ownership reform affects new quality productive forces. The research findings offer important policy implications for China to implement differentiated and precise mixed-ownership reform and optimize the state-owned capital enabling mechanism.

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黄江龙,赵新宇.逆向混改对智能制造企业新质生产力的影响研究——公司治理优化与数字化转型的双重路径[J].西部论坛,2026,36(2):85-99

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  • 在线发布日期: 2026-05-29