所有制、市场化进程与经营绩效——来自中国工业行业统计数据的发现

Property,Marketization and Operational Performance

国有企业相比非国有企业具有更低的效率和效益似乎成为常识，但是1996—2004年我国工业企业的统计数据显示，国有企业的资金利润率显著低于非国有企业，而销售利润率却相反。进一步研究发现，随着市场化进程的加快，国有企业相比非国有企业的资金利润率差距加大，而销售利润率差距则不断缩小，这说明在剔除政策性的影响之外，国有企业所具有的管理机制缺陷和管理水平低下也是导致其绩效低下的重要原因。

It is common sense that state-owned companies are less efficient and performance relative to private ones, but the statistical data of Chinese industry companies show that the return on asset of state-owned companies is less than private ones and the return on sale is reversal. The further research reveals that the difference of ROA is widened and the difference of ROS reduced with the marketization. So we could conclude that inferiority of state-owned companies in performance root with the management and policy.