国有与民营上市公司效率比较的实证研究

Empirical Research on the Comparison between the Efficiency of State-owned and Private-owned Listed Companies

本文在严格剔除的基础上,选取了16个竞争性行业518家上市公司2002-2009年的数据,在对预算约束指标进行检验后发现,国有与民营上市公司不存在预算软约束问题,因而认定它们的竞争环境基本相同。然后从偿债能力、经营管理能力和盈利能力上选取了财务效率指标,利用Malmquist指数计算了技术效率指标,通过两样本的非参数检验后发现,无论是财务效率,还是技术效率,国有企业和民营企业均不存在差异。据此,我们认为本文的研究结论是可信的,并提请有关部门在决策时考虑。

To ensure comparability,we select 518 listed companies in 16 competitive industries from 2002 to 2009 on the basis of strict selection.After the soft budget constraint index is measured and tested,it is found that there are no differences between SOE and POE in terms of the soft budget constraints,thus their competitive environment is basically the same.Then we select financial efficiency index on solvency,management ability and profitability and calculate technical efficiency through Malmquist index.After two sample's non-parameter test,we find that there are no differences between SOE and POE in terms of financial efficiency and technical efficiency.Accordingly,the conclusion of this article is credible,and can be taken into account in decision-making of relevant policies.