关键词: 国有资本授权经营, 全要素生产率, 治理效应

Abstract:     Improving the efficiency of state-owned assets supervision and promoting the high-quality development of state-owned enterprises is an important goal of state-owned assets and state-owned enterprises reform. Taking the annual data of A-share state-owned listed companies from 2010 to 2021 as samples, this paper used the empirical research method to examine the impact of state-owned capital authorized operation on total factor productivity and its mechanism from the micro-enterprise level. We found that increasing the intensity of authorization can significantly improve the total factor productivity of state-owned enterprises. The conclusion is still credible after multiple robustness tests. The appointment of directors by state-owned shareholders has no significant effect on the supervision and governance effect of state-owned assets, while the appointment of senior executives strengthens the productivity enhancement effect of state-owned capital authorized operation. The state-owned capital authorized operation has a stronger productivity improvement effect on central enterprises, competitive state-owned enterprises and low market process areas. The conclusion showed that the state assets regulator should raise the authorization, enhance the ability of directors to perform their duties, strengthen the governance of managers, and further improve the governance effect of state-owned capital authorized operation in local state-owned enterprises, non-competitive state-owned enterprises, and areas with high marketization process.

Key words: authorized operation of state-owned capital, total factor productivity, governance effect