政策冲击、市场环境与国企生产效率:现状、趋势与发展

The Policy Shock, the Market Environment and the Productivity of State-owned Enterprises:The Status Quo, the Trend, and the Development

基于来自国家统计局工业企业的大样本数据,本文从微观层面衡量企业生产效率,并从制度改革与市场环境的视角,深入考察国有企业相对外资企业的全要素生产率(TFP)变化以及动态趋势。具体而言,我们基于双重差分模型检验了国企生产效率是否有相对外企(包括港澳企业)存在追赶特征,以及该现象背后的影响机制。研究发现,国企生产效率虽然一直低于外企,但确实有显著地逐年追赶趋势。其原因主要在于:第一,国企改革政策效应带来国企内部治理的完善和代理成本的下降;第二,市场环境的变化,主要是市场化进程的加深和行业竞争的加剧带来了国企TFP的追赶。我们的研究结果为当前进一步推进国有企业改革与提升企业效率提供了明晰的政策借鉴。

Based on the industrial enterprise data sets from the State Statistics Bureau, we have, in this paper, estimated,from the micro level, firms' productivity, and have, from the perspective of the system reform and the market environment, explored the change and the dynamic trend of the TFP of the state-owned firms(SOF) compared with that of foreign-funded enterprises. Specifically speaking, we have, based on the model of difference-in-difference, examined whether the state-owned enterprises have the character of catching-up compared with foreign-funded firms(including firms in Hong Kong and Macao), and examined the influencing mechanism hidden behind this phenomenon. By the results of our study, we have discovered that, although the productivity of the SOF has been lower than that of foreign funded firms, the above-mentioned efficiency has indeed and obviously the trend of catching up year by year. Its cause lies in the fact that(1)the effect of the reform of the SOF has brought the perfection of the internal management of the SOF and the drop of the agent costs;(2) the change in the market environment, mainly, the deepening of the process of the commercialization and the sharpening of the competition of the line, has brought the catching up of TFP of the SOF. The results of our study have provided clear reference in policy, for further impelling, at present, the reform of the SOF and upgrading firms' efficiency.