| State-owned enterprises are an important foundation and key force in the development of China's national economy,undertaking the mission of ensuring the stable supply and economic security of the national economy.State-owned enterprises in the new era are facing new requirements and challenges,and they need to gradually improve their enterprise system and operation mechanism in the process of reform,enhance their core competitiveness,and thus drive the optimization and development of the layout of the state-owned economy.In October 2020,the Fifth Plenary Session of the 19 th CPC Central Committee pointed out that state-owned enterprises are an important material and political foundation of socialism with Chinese characteristics,an important pillar and relying force of our Party in ruling and prospering the country,and an important part of the national governance system.In late 2020,the Recommendation on Setting Vision 2035 pointed out that we should deepen the reform of the state-owned assets management system and state-owned enterprises mixedownership reform,to make state-owned capital and state-owned enterprises stronger,and to play an important strategic supporting role for the state-owned economy.In March 2021,the "Outline of the 14 th Five-Year Plan and 2035 Vision" was officially released,pointing out the need to establish a more perfect socialist market economy system and make a major breakthrough in the process of reforming the market allocation of factors.In March 2022,the Fifth Session of the 13 th National People's Congress was held,and the government work report proposed that 2022 is the closing year of state-owned enterprise reform,to complete the three-year action task of stateowned enterprise reform,accelerate the optimization of the layout and restructuring of the state-owned economy,strengthen the supervision of state-owned assets,promote state-owned enterprises to focus on their main responsibilities and main businesses,and enhance the support and driving capacity of industrial chains and supply chains,which requires state-owned enterprises to further deepen the reform of modern enterprise system.In recent years,China is in a critical period of rapid economic development,and since the development goal of commercial state-owned enterprises is to preserve and increase the value of state-owned assets and improve the vitality of the market economy,the efficiency of their corporate investments is crucial to economic development.The existence of investment inefficiency causes waste of stateowned enterprise resources and social resource allocation,increases business risks,and ultimately affects enterprise performance and national economic development,so limiting inefficient investment behavior becomes one of the important goals of commercial state-owned enterprise reform.Based on this,it is important to investigate the internal and external institutional factors that affect the investment efficiency of commercial state-owned enterprises from an institutional perspective,analyze the mechanisms between internal and external institutional factors and the investment efficiency of commercial state-owned enterprises,and provide effective institutional countermeasures to improve the investment efficiency of commercial state-owned enterprises.This paper combines the basic theories of new institutional economic theory,internal control theory,externality theory and investment efficiency theory,and on the basis of a clear definition of commercial state-owned enterprises and investment efficiency,uses inductive and deductive analysis,qualitative and quantitative analysis,and empirical and normative analysis to reveal the role of different institutional modules on the investment efficiency of commercial state-owned enterprises;the system of institutional evaluation indicators is constructed at both the internal and external institutional levels;the paths between the investment efficiency and the relevant internal and external institutional indicators of commercial class I and commercial class II state-owned enterprises are revealed quantitatively by means of mathematical models;the similarities and differences in the investment efficiency of different types of commercial state-owned enterprises are analyzed from the institutional perspective,and suggestions for institutional effectiveness are provided.The main contents of this paper are: Firstly,based on the current classification criteria of commercial state-owned enterprises,we investigate the mechanisms of different institutional factors on the investment efficiency of commercial state-owned enterprises from the perspectives of internal and external institutions,and reveal the similarities and differences of different types of commercial state-owned enterprises in terms of investment efficiency from the institutional perspective.Secondly,with the help of mathematical and statistical methods,we explore the global development,industry tendency and geographical investment distribution characteristics of commercial class I and commercial class II state-owned enterprises from the temporal and spatial perspectives,and summarize the overall status of investment efficiency of commercial state-owned enterprises under different classification criteria,and then analyze the investment data of commercial central enterprises and local state-owned enterprises by using OLS regression mathematical modeling methods,and conclude that both commercial central enterprises and local state-owned enterprises have investment inefficiencies,and different types of enterprises present different focuses on investment efficiency.Thirdly,we investigate the main institutional factors affecting the investment efficiency of commercial state-owned enterprises from two perspectives:internal system and external system.By applying mathematical and statistical methods to quantitatively calculate the evaluation indexes of internal and external systems,we optimize the content of the evaluation index system through mathematical models and construct a complete system of evaluation indexes for investment efficiency of commercial state-owned enterprises.Fourthly,based on the constructed institutional evaluation index system,we establish the functional relationships between the investment efficiency of commercial state-owned enterprises and the internal and external systems,evaluate the degree and paths of the internal and external institutional indicators on different types of commercial state-owned enterprises.Finally,we summarize the data patterns and model results and conclude that: internal and external systems mostly have positive effects on the investment efficiency of commercial stateowned enterprises;external systems have interactive effects and significant mediatingregulating effects;internal systems have moderating effects on the investment efficiency of commercial state-owned enterprises;there are significant differences in functional attributes and institutional needs between commercial II state-owned enterprises and commercial I state-owned enterprises.Based on the findings of the study,countermeasure suggestions to improve the investment efficiency of commercial state-owned enterprises are derived.In this paper,we study the relationship between institutional factors and investment efficiency of commercial state-owned enterprises from the institutional perspective,which enriches the theoretical system of institutional economics and improves the research content related to investment efficiency.At the practical level,we analyze the internal and external institutions of commercial state-owned enterprises and explore the similarities and differences of investment efficiency of different types of commercial state-owned enterprises at the institutional level,and give corresponding countermeasure suggestions to improve investment efficiency,which have important practical reference value for the reform of state-owned enterprises in China. |
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