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本文以2007~2013年间存续的上市国有企业为样本,将社会责任引入国企绩效评价指标体系,采用HHI指数区分行业垄断程度,通过建立随机效应回归模型,考察了分红对国企绩效的影响。结果表明:国企分红与财务绩效和包含了社会责任履行情况的综合绩效显著负相关,存在低分红企业具有高绩效的现象;随着行业垄断程度的加深,分红比例的提高有利于国企绩效的提升。因此应根据行业差异与垄断程度差异,实施国企红利上缴的分类监管,加大对国企社会责任履行情况的关注力度。
Based on the sample of state-owned listed state-owned enterprises that survived from 2007 to 2013, this paper introduces social responsibility into the performance evaluation index system of state-owned enterprises. HHI index is used to distinguish the degree of monopoly in the industry. By establishing a stochastic regression model, the paper examines the impact of the dividend on the performance of state-owned enterprises. The results show that the dividend distribution of state-owned enterprises is significantly and negatively correlated with the financial performance and the comprehensive performance including the fulfillment of social responsibility, and there is a phenomenon that the low-dividend-paying enterprises have high performance. With the deepening of the monopoly of the industry, the increase of the dividend distribution is conducive to the improvement of the performance of the state-owned enterprises . Therefore, according to the differences between industries and monopolies, we should supervise the classification and classification of the dividends paid by state-owned enterprises and pay more attention to the fulfillment of social responsibilities of state-owned enterprises.