混合所有制改革促进了公平竞争吗——来自国有企业硬化预算约束的证据

Does Mixed Ownership Reform Promote Fair Competition——Evidence from the Hardening Budget Constraints of SOE

利用中国工业企业数据库数据,采用双重差分法、倾向得分匹配法研究发现,混合所有制改革能够显著硬化国有企业的预算约束。进一步,从外部动机、内部动机两方面探索了混合所有制改革硬化国企预算约束的影响机制,结果发现,混合所有制改革通过剥离国有企业的政策性负担硬化其预算约束,且行业竞争程度越高,混合所有制改革对国有企业预算约束的硬化作用就越明显。混合所有制改革有助于减轻非国有企业的外部融资约束,表明混合所有制改革有助于消除要素市场的所有制歧视,促进市场公平竞争。

The paper used the data of Chinese Industrial Enterprises Database and introduced the differences-in-differences method and propensity score matching method,then it concluded that mixed ownership reform could significantly harden the budget constraints of state-owned enterprises.Next,the paper further explored the influencing mechanism from the perspectives of both intrinsic motivation and extrinsic motivation.It was found that mixed ownership reform had hardened budget constraints by stripping the policy burden on state-owned enterprises,and higher degree of industry competition had bigger hardening effect.Besides,mixed ownership reform was conductive to alleviating the external financing constraints of non-state-owned enterprises,which showed that mixed ownership reform helped to eliminate the ownership discrimination in factor market and promote fair competition.