证券市场导报Issue(6)：3-13,11.
国有资本经营预算制度如何增强耐心资本配置预期
摘要
Abstract
As an important institutional arrangement for regulating the distribution of returns between the government and state-owned enterprises(SOEs)and optimizing the layout of state-owned capital,whether the state-owned capital operating budget system can enhance SOEs'long-term value creation capacity and thereby attract more patient capital inflows warrants in-depth study.Using a sample of Chinese central State-owned and private A-share companies listed on the Shanghai and Shenzhen stock exchanges,this study constructs a multi-period intensity-based difference-in-differences model and finds that the state-owned capital operating budget system significantly strengthens expectations for patient capital allocation,manifested in marked increases in both the number of long-term institutional investors and their shareholding ratios.The underlying mechanisms are as follows:(1)reducing agency costs by curtailing the scale of discretionary funds available to SOEs,curbing managerial discretionary power in resource allocation and investment decisions,and reinforcing managers'managerial responsibility and risk awareness;and(2)promoting disruptive innovation by continuously increasing budgetary support for breakthroughs in key core technologies and forward-looking strategic industries,thereby alleviating the resource constraints on SOEs'disruptive innovation activities and enhancing both innovation quality and innovation efficiency.Heterogeneity analysis indicates that the state-owned capital operating budget system has a more pronounced effect on strengthening expectations for patient capital allocation when the degree of marketization,the level of human capital,or the intensity of R&D investment are higher.This study offers insights for introducing patient capital into SOEs and further refining the state-owned capital operating budget system.关键词
国有资本经营预算制度/耐心资本/代理成本/颠覆式创新Key words
state-owned capital operating budget system/patient capital/agency costs/disruptive innovation分类
管理科学引用本文复制引用
朱炜,张硕,綦好东,杨丹..国有资本经营预算制度如何增强耐心资本配置预期[J].证券市场导报,2026,(6):3-13,11.基金项目
山东省社会科学规划研究重点项目"国有资本经营预算和绩效评价的运行机制及制度完善研究"(项目编号:25BGLJ03) （项目编号:25BGLJ03）
