改制对企业绩效的影响

Impacts of Restructuring on Firm Performance in China

通过对1995—2001年683家国有企业的调查,本文研究了改制对企业绩效的影响。利用面板数据,解决了转型经济文献中经常遇到的遗漏变量和选择性偏差问题。结果显示,改制对企业的利润率有显著的正影响,但是对单位成本和劳动生产率的影响较弱或不显著。研究还发现了明显的时间趋势,改制效果对于那些具有中等长度改制历史的企业以及在1997—1999年间实施改制的企业最为稳定。

This paper studies the impact of restructuring on firm performance based on surveys of 683 SOEs from 1995—2001. By employing panel data, we are able to control the selection biases of restructuring and handle the problem of missing variables, which are frequent in transition economic literature. Restructuring is found to have a significantly positive impact on firm profitability, but a weak or non-significant impact on unit cost and labor productivity. The effect of time is also obvious: enterprises with medium length of restructuring and those restructured during 1997—1999 are found to show the most stable effects.