生产率、产权保护与企业存续:基于中国工业企业的经验研究

Productivity,Property Rights Protection and Enterprise Survival: A Study Based on Chinese Industrial Enterprises

当前的中国企业生存环境越来越恶劣,企业存续与企业生产率、地方产权保护有内在关系。研究表明,样本期中国工业企业平均存续时间为11.57年,大规模的企业更替是导致样本期企业平均存续时间不断下降的主要原因。计量分析证实,提高生产率是企业存续的"强心剂",有效的产权保护是企业存续的"安全网"。作用机制分析进一步表明,企业生产率水平越高,地方产权保护越强,企业的存续时间越长,并且随着企业存续时间的延长,生产率和产权保护对企业存续的影响作用越大;但是企业生产率、地方产权保护对企业存续的影响作用在不同所有制企业、不同规模企业以及不同地区企业之间存在显著差异,具体而言,国有企业与集体企业、大型企业以及西部地区企业对这种影响作用不敏感。这些经验证据说明了生产率与产权保护是企业存续的关键因素,但是其发生作用需要一定的制度环境。

Based on the industrial enterprise database of China(1998- 2007),this paper analyzes the interrelationship among enterprise productivity,local property rights protection and enterprisesurvival. Different from the existing researches,the average time of survival for Chinese industrial enterprises is 11. 57 years,and frequent enterprise replacement accounts for survival duration declining. Econometric analyses confirm that productivity improvement is the best pick-me-up to enterprise survival,while effective property rights protection is its safety net. Therefore,the higher the productivity is,the stronger the local property rights protection will be,and the longer the enterprise survival will be. The effect of these factors of enterprise survival,though evidently great,is modified by enterprise ownership,scale and region of location. The empirical study shows that it is the right system that guarantees a proper play of the role of productivity and the protection of property rights in maintaining enterprise survival.