3219 
4903坚持以“混”促“改”为方向的所有制改革是新一轮国企改革成功的关键，混改过程中如何发挥异质性非控股股东的治理效应成为当下的重要议题。文章以2007—2018年沪深A股国有上市公司为样本，从股权治理、高层治理和网络治理三个维度构建指数，以衡量非控股股东参与治理程度，探究混改背景下非控股股东治理机制影响企业风险承担的客观表现、作用机理和价值效应。研究发现：非控股股东参与治理有利于提高国有企业的风险承担水平，且三个单维度均对风险承担具有提升作用；作用机理方面，非控股股东通过抑制管理者自利行为和完善薪酬激励机制对企业风险承担产生积极影响；在进一步研究中验证了企业风险承担在提升企业价值过程中发挥的中介效应，以及在国有资本参股民营企业混改情境中国有非控股股东对民营企业过高风险承担水平的正面治理作用。文章的研究结论对国企改革的纵深推进具有重要的借鉴意义。
混改情境中非控股股东参与治理如何影响企业风险承担？
摘要
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引用本文
何瑛, 郭家荣, 陈文晖. 混改情境中非控股股东参与治理如何影响企业风险承担？[J]. 上海财经大学学报, 2022, 24(2): 78-93.
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