产权改革模式与企业技术效率——基于中国制造业改制企业数据的实证研究

Property Rights Reform Patterns and Technical Efficiency of the Firm

本文利用中国五城市的制造业改制企业数据,研究了公有企业的产权改革模式与企业技术效率之间的关系。在控制了地区、规模、企业改制年份、投产年份以及产权改革发起者等变量之后,我们的研究发现,并不是所有的产权改革模式对企业效率都有显著的正效应。在我们的分类中,只有三种产权改革模式对企业技术效率具有显著的正效应,它们是:经营者(一把手)个人控股或收购;管理层集体持股或收购;与外商合资或被外商收购。表明只有将公有企业的产权转移到私人企业家手中,才能产生明显的效率提升。研究还发现,企业规模越大、市场环境和政府环境越好、企业越年轻,技术效率越高。

By using the firm-level data of the Chinese manufacturing industry, we studied the property rights reform patterns of 4-42 public owned enterprises and its implications on firm efficiency. We find that not all reform measures or patterns have positive effect on firm efficiency; according to our classification, there are only three patterns that have positive effect on technical efficiency of the firm, they are： the manger controls the shares or purchases the firm; the management team controls the shares or purchases the firm; foreign investors purchase the firm or organize joint ventures. That is to-say, only by transferring the control rights or ownership of the firm from public to private entrepreneurs can reform be called successful. Our study also shows that the bigger of the firm, the more favorable the market and government environment, the younger of the firm, the more efficient of the firm.