企业轻资产运营与全要素生产率

Asset-light Strategy and Total Factor Productivity

使用2010—2018年A股制造业上市公司为样本,采用最小二乘法以及LP法计算企业全要素生产率,并在此基础上检验企业轻资产运营与全要素生产率之间的关系。研究发现,企业轻资产运营与全要素生产率之间具有显著正相关关系。进一步以产权性质为基础进行异质性分析发现,国有企业轻资产运营与全要素生产率的相关性低于非国有企业。原因是国有企业由于承担特定的宏观职能以及社会责任的要求,使其轻资产运营水平较低并对产出效率产生拖累。但是国有企业可以通过对重资产的合理利用与进一步开发,在一定程度上削弱这种对生产率的负向拖累。这说明国有企业对通过轻资产运营提升产出效率这一途径的依赖程度低于非国有企业。

This article takes the A-share listed manufacturing companies from 2010 to 2018 as samples,and uses the least square method and the LP method to calculate the total factor productivity of enterprises.Based on this,the relationship between the asset-light strategy and total factor productivity is tested.The study shows that there is a significant positive correlation between enterprise asset-light strategy and total factor productivity.Further analysis of heterogeneity based on the nature of property rights finds that the correlation between asset-light operations of state-owned enterprises and total factor productivity is lower than that of the non-state-owned enterprises.The reason is that state-owned enterprises assume specific macro-functions and social responsibility requirements,which lower their asset-light operations and cumber the output efficiency.However,state-owned enterprises can,to a certain extent,weaken this negative drag on productivity through the rational application and further development of heavy assets.This proves that state-owned enterprises rely less on the approach of improving output efficiency through asset-light strategy than non-state-owned enterprises.