中国国有企业民营化绩效研究

Does Privatization Work in China?

本文研究中国国有企业民营化是否有效的问题。我们通过对国企民营化进程的考察来对此问题作出经验解答。根据世界银行一份对中国五个城市、覆盖六个行业的近300家国有企业(SOEs)1996—2001年间的调查数据,我们发现:(1)绩效较好的国有企业优先被民营化;(2)总体上来说,中国的民营化是富有成效的,尤其是提高了销售收入,降低了企业的成本,并最终导致企业盈利能力和生产率的大幅提高;而且在获得这些收益的同时并没有带来大规模的失业问题;(3)由民营机构控股、彻底民营化的企业比那些仍然是国有控股、部分民营化的企业绩效表现更好。

Does privatization work？ If so, how does it work？ We seek here to provide empincal answers to mese two questions Dy considering the Chinese privatization experience. Using a detailed World Bank survey of 299 Chinese state-owned enterprises （SOEs） across six sectors and five cities from 1996 to 2001, we found that： （1） there is clear evidence that better-performing SOEs were chosen to be privatized first; （2） privatization in general works in China, significantly improving sales revenue and lowering the costs of the privatized firms and resulting in large gains in profitability and productivity, while not at the expense of massive unemployment; （3） fully-privatize.d firms with controlling private shares perform better than partially-privatized firms where the state remains a dominant owner; and （4） privately-controlled firms focus on product restructuring, while state-controlled firms on direct cost-reducing means and debt restructuring. Cost restructuring seems to work better for state-controlled firms while debt restructuring works better for privately-controlled finns.