产权变更与企业绩效:基于中国工业企业数据的大样本研究

Firm Ownership and Performance:Evidence from Large Sample Research Chinese Industrial Enterprises Database

利用国家统计局的工业企业数据库,本文考察了不同类型控制权转移对企业绩效的影响。具体而言,我们将控制权转移分为国有企业民营化(国退民进)以及民营企业国有化(国进民退)两种方式。其中,民营企业国有化的研究补充了前人文献的不足。以多种指标衡量企业绩效,研究发现:无论国有企业民营化还是民营企业国有化,在发生控制权转移之后,企业的销售成本率都有所上升,社会效益有所改善,然而企业创新能力表现不显著,资本性投资比例有所下降。总体上,在盈利能力、经营绩效以及成长性方面,民营化企业在转移之后表现得要比国有化企业好。

Based on the Chinese Industrial Enterprises Database（2001—2005）,this paper investigates the relation between firm ownership and performance.We split the sample into two groups;controller from the private - owned to the state - owned and controller from the state - owned to private - owned. Then we introduce different dimensions to evaluate the effect of transaction of firm ownership in;earnings, operation,investment,growth,innovation and social performance.Results based on fixed effect of panel data show that;no matter which kind of transaction of firm ownership,the new controller significantly increase social performances and firm revenues,however,the innovation and capital investment have not significant changes.In addition,we find that the increase of the profit,operation performance, and growth is more significant in the privatization firms.