产出效率视角下的国企债务规模:一个经验测算

The Debt Scale of State-owned Enterprises from the Perspective of Output Efficiency

本文从产出效率的视角初步分析了国企改革进程中减负债、去杠杆等问题,并对国有企业合理的债务规模和产出水平进行了经验测算。研究结果表明,相比于民营工业企业,国有工业企业的债务规模扩张明显,销售产值先增后降,产出效率始终偏低。从37个细分工业行业来看,国有企业的产出效率整体较差,且波动幅度较大。大部分行业的国有企业与民营企业之间存在着较大的产出效率差异,但个别行业有微弱的好转迹象。根据经验测算,整个工业部门,尤其是国有工业企业部门,其债务规模理应更小,或销售产值理应更高。本文提出,从产出效率的角度来看,部分行业很有必要引入民营企业的竞争以提升国企效率。

This paper analyzes the problems of debt reduction and deleveraging in the process of state-owned enterprise reform from the perspective of output efficiency,and empirically calculates the reasonable debt scale and output level of state-owned enterprises.The research results show that compared with private industrial enterprises,the debt scale of state-owned industrial enterprises expands significantly,the sales output value increases first and then decreases,and the output efficiency is always low. From the perspective of 37subdivided industrial sectors,the output efficiency of state-owned enterprises is generally poor,and the fluctuation range is large.There is a large difference in output efficiency between state-owned enterprises and private enterprises in most industries,but there are slight signs of improvement in individual industries.According to empirical calculations,the entire industrial sector,especially the state-owned industrial enterprise sector,should have a smaller debt size or a higher sales output value.This paper argues that from the perspective of output efficiency,it is necessary for some industries to introduce competition from private enterprises to improve the efficiency of state-owned enterprises.