私人资本参与、政策稳定性与混合所有制改革的效果

Private Capital’s Participation, Policy Stability and the Effects of Mixed Ownership Reform

本文运用1998—2007年中国工业企业数据和倾向得分匹配法,对国有企业引入私人资本的效果以及政策稳定性对保障混合所有制改革的效果的作用进行实证检验。研究发现在保留控制权的情况下引入私人资本仍能显著改善国企利润率,这一改善作用存在滞后性和持续性,但引入国内私人资本效果比外资更明显。较强的政策稳定性有助于改善国企的经营表现,而较强的政策不确定性会严重恶化引入外资的国企的利润率,对引入国内私人资本的国企的影响则不明显。

In this paper we use Chinese firm-level data and PSM method to empirically analyze the effect of private capital’s participation on SOEs’ performance and explore policy stability’s function. When the state doesn’t relinquish, private capital’s participation can promote SOEs’ profitability, which can be lagged and lasting, but the effect of domestic private capital’s participation is more significant than that of foreign capital. More stable policy can improve SOEs’ profitability, stronger uncertainty will seriously deteriorate foreign invested SOEs’ performance while it is insignificant for domestic private invested SOEs’.