企业产权变革的效率分析

An Analysis on Enterprise Property Rights Reformation from the Perspective of Efficiency

本文通过对于451家样本企业(1994—1999)的调查数据的分析、抽象和概括,得到了企业改制的典型特征。分析中采用作为时间连续变量的股权结构的动态考察,不仅能够反映出不同股权结构企业之间的效率差异,而且,也能够较好地反映出改制进程中企业效率是如何伴随着产权渐进改制而变化的。根据企业股权结构的变动进行分析发现,国家资本股权的变化与企业效率水平是显著的负的相关性关系,而个人资本股权变化与企业效率水平是显著的正的相关性关系,法人股权的变化也具有较为显著的正相关性。所以,国退民进的改制方向与企业效率提高的方向是一致的。因此,来自实践的数据分析清楚地表明,产权变革取得了推动生产率提高的积极效果。

Typical features of SOE restructuring are analyzed, generalized and summarized from a survey of 451 enterprises from 1994—1999. A dynamic observation of equity in a continuous span of time not only reflects differences between enterprises with different equity structures in term of efficiency, but also reveals the process by which efficiency is gradually improved with the progress of ownership shift. Analyses of changing enterprise equity structures suggest a significant negative correlation between equity of state capital and levels of enterprise efficiency, and a significant positive correlation between private equity and enterprise efficiency. Equity of legal persons is also correlated to enterprise efficiency in a positive way. The conclusion may be drawn that the shift of ownership from the state to private is accompanied by improvements in enterprise efficiency. The analysis on data from practice clearly shows that the current ownership restructuring is effective in improving productivity.