國有股對企業績效的影響：中國製造業之案例研究

Abstract

本研究試圖探究國有股對企業績效的影響。具體而言，本研究有以下三個研究問題：(1)國有股與企業績效是否會呈現負相關？(2)有國有股的企業如果外銷比例越高，其企業績效是否會越差？(3)有國有股的企業受到疫情的負面影響是否會比沒有國有股的企業還要少？ 本研究有三個主要論點與研究假設：(1)國有股對企業績效有負面影響。(2)國有股與外銷比例之間的交互作用對企業績效有負面影響。(3)有國有股的企業績效受到疫情的負面影響會比沒有國有股的企業還要少。 本研究使用以量化為主、質性為輔的混合研究方法，先使用量化方法，透過縱橫資料（panel data）的線性迴歸模型分析國有股對企業績效的影響，並以差異中的差異法（difference in differences）分析疫情對企業績效的影響是否與國有股有關，資料來源是台灣經濟新報TEJ PRO；再使用質性方法，透過個案研究分析「有國有股的企業：長安汽車」和「沒有國有股的企業：長城汽車」之間的績效是否會因為國有股而不同，資料來源是兩家企業2018-2022年的年報和相關研究期刊。 本研究有三個主要發現：(1)雖然國有股比例對企業績效沒有顯著影響，但在透過虛擬變項D0將企業依照是否有國有股分為兩組後，發現國有股對企業績效有顯著負面影響，有國有股的企業績效會比沒有國有股的企業還要差。(2)國有股與外銷比例的交互作用對企業績效有負面影響，但不顯著，有國有股的企業如果外銷比例越高，其企業績效可能會比沒有國有股的企業差。(3)疫情對企業績效有負面影響，但疫情和國有股的交互作用對企業績效的影響會因為不同的模型而有所差異，如果以ROA、ROE衡量企業績效，則交互作用對企業績效有正面影響，有國有股的企業受到疫情的負面影響會比沒有國有股的企業還要少。 本研究的研究貢獻是支持國有股對企業績效有負面影響的論點，有國有股的企業績效會比沒有國有股的企業差，因為有國有股的企業可能需要為了配合中國政府的政策目標而耗費自身的資源，做出對國家有利但對企業不見得有利的行為，無法專心在企業本身的經營上，使得企業績效受到不良影響。此外，本研究不認同國有股對企業績效有正面影響的論點，因為這些研究可能只有考量到國有股對企業績效的「幫助之手」，而忽略掉國有股對企業績效的「攫取之手」。

This study attempts to explore the impact of state-owned shares on corporate performance. Specifically, this study has the following three research questions: (1) Will there be a negative correlation between state-owned shares and corporate performance? (2) If a company with state-owned shares has a higher proportion of export sales, will its corporate performance be worse? (3) Will companies with state-owned shares be less negatively affected by the epidemic than companies without state-owned shares? This study has three main arguments and research hypotheses: (1) State-owned shares have a negative impact on corporate performance. (2) The interaction between state-owned shares and export sales ratio has a negative impact on corporate performance. (3) The performance of companies with state-owned shares will be less negatively affected by the epidemic than companies without state-owned shares. This study uses a mixed research method that is mainly quantitative and supplemented by qualitative. First, quantitative methods are used to analyze the impact of state-owned shares on corporate performance through the linear regression model of panel data, and uses the difference-in-difference method to analyze whether the impact of the epidemic on corporate performance is related to state-owned shares. The data source is TEJ PRO; then using qualitative methods, through a case study to analyze whether the performance between "enterprises with state-owned shares: Changan Automobile" and "enterprises without state-owned shares: Great Wall Motor" will be different because of state-owned shares. The data source is the annual reports of the two companies from 2018 to 2022 and related research journals. This study has three research findings: (1) Although the proportion of state-owned shares has no significant impact on corporate performance, after dividing the companies into two groups according to whether they have state-owned shares through the dummy variable D0, it is found that state-owned shares have a significant negative impact on corporate performance. The performance of enterprises with state-owned shares will be worse than those without state-owned shares. (2) The interaction between state-owned shares and the proportion of export sales has a negative impact on corporate performance, but it is not significant. If a company with state-owned shares has a higher proportion of export sales, its corporate performance may be worse than that of companies without state-owned shares. (3) The epidemic has a negative impact on corporate performance, but the impact of the interaction between the epidemic and state-owned stocks on corporate performance will vary depending on different models. If ROA and ROE are used to measure corporate performance, the interaction has a positive impact on corporate performance. Companies with state-owned shares will be less negatively affected by the epidemic than companies without state-owned shares. The research contribution of this study is to support the argument that state-owned shares have a negative impact on corporate performance. The performance of companies with state-owned shares will be worse than those without state-owned shares, because companies with state-owned shares may need to expend their own resources in order to comply with the policy objectives of the Chinese government. Taking actions that are beneficial to the country but not necessarily beneficial to the enterprise, and unable to concentrate on the operation of the enterprise itself, will adversely affect the performance of the enterprise. In addition, this study does not agree with the argument that state-owned shares have a positive impact on corporate performance, because these studies may only consider the "helping hand" of state-owned shares on corporate performance and ignore the "grabbing hand" of state-owned shares on corporate performance.