所有制、产权程度及其财务绩效——兼论国有企业产权改革的方向

Positive Analysis on the Relation between Firm's Property Structure and Financial Performance in China

本文按照国家规定的注册分类的企业所有制情况,选用效率、周转、盈利、偿债四类指标对各类所有制企业的长期绩效进行了实证研究,结果表明,在多种产权形式之间,国有企业的综合绩效最低;在不同产权程度之间,独资企业的综合绩效最低。国有独资公司恰恰是两种最无效率的产权形式组合叠加。按照国际经验和绩效导向,今后国有企业产权改革的方向是从国有独资公司走向国有控股公司,最终走向国有相对控股公司。

There is a wide spectrum of opinions on relationships between Property Structure and Performance of Chi- nese enterprises, because of varieties of analyzing views and differences of concept understanding. Using present Chinese national registered classified indexes of enterprise ownership, the author chooses four types of indexes to research on five years financial performance of diversified enterprises. The research result shows that the two most inefficient property rights include State-Owned Enterprises among all patterns of ownership and Solely State-Owned Companies among all kinds of state-owned economy forms. The reform directions of Property Rights Model of enterprises are to reduce both numbers and ratios of State-Owned Enterprises and Solely State-Owned Companies, then to set up State Holding enterprises actively and induct State Relative Control companies actively