治理机制、行业聚集与国有工业部门绩效变动模式

Governance Mechanisms,Industry Cluster and the Variation Model of State-Owned Industry Enterprises' Performance

1978年以来,中国国有企业的绩效呈现出U型变动模式。1992年前,在卖方市场和短缺经济的条件下,国有企业的生产率提高而利润率却大幅下降。其中的症结在于以内部人控制、软预算约束和行政干预为特征的治理机制。1992年后国有企业的绩效在谷底徘徊,并从1998年开始大幅上升。在市场竞争加剧和治理机制没有实质性改变的情况下,国有资本向高利润行业的聚集和对民间资本的进入限制是国有企业绩效整体改善的关键。当前依然应当把国有企业改革作为经济体制改革的中心环节,改革的取向是深化垄断行业改革和从战略上调整国有经济布局。

Chinese state - owned industrial enterprises＇ performance varied with the U model since 1978. Under the conditions of sellers＇ market and shortage economy before 1992, the state- owned enterprises＇ productivity increased and profitability decreased. After 1992, the profitability fluctuated at the bottom of Ucurve and then significantly increased. This paper makes the argument that stateowned capital clustering into high profitable industries and the entry restrictions on non- government capital mainly contribute to the improvement of state - owned enterprises＇ performance under the circumstances that market competition was aggravating and governance mechanisms not substantively improved. Consequently, the reform of state - owned enterprises still is the core of China＇ s economic reform. The government should further reform monopoly industries and strategically adjust the layout of state - owned economy.