何种混合所有制结构效率更高——中国工业企业数据的实证检验与分析

Structure of Diversified Ownership with Higher Productivity:Evidence from 1998-2007 Industrial Firm Level Data

基于国家统计局工业企业微观数据(1998-2007),运用修正的OP方法估计了企业的全要素生产率,并以企业实收资本所反映的混合所有制结构为视角,深入考察不同混合所有制形式的企业效率差异问题。研究发现:第一,仅仅包含公有资本或者仅仅包含非公有资本的企业效率是相对较低的,而公有资本和其他非公有资本混合的企业是效率更高的群体,其中所有制越多元化效率优势愈加明显,说明公有资本和非公有资本的交叉混合能够形成一种取长补短、相互促进的效应,从而提高企业效率;第二,对于劳动密集型产业,公有资本和港澳台资本的混合能够发挥出港澳台资本在这类产业内的相对优势,而对于资本、技术密集型产业来说,外商资本的加入,更好地提升了这部分企业的效率。

Based on the National Bureau of industrial firm level data （1998-2007）, this paper u- ses the modified OP method to estimate firm＇s total factor productivity （TFP）. Our research starts from the perspective of paid-in capital which can reflect the structure of diversified ownership and studies the efficiency differences of those firms with different diversified ownership. Specifically, we based on the OLS model to test the impact of the mixing of different capitals on firm＇s efficien- cy. We find that： first, the productivity of the firm containing only the public capital or containing only non-public capital is relatively low, while the public capital mixed with other non-public capital is more efficient. The more diversified the ownership is, the more obvious the efficiency is, which fully shows that the cross mixing of public capital and non-public capital can form a kind of comple- mentarity and mutual promotion effect to improve firm＇s efficiency; Second, in the labor-intensive industry, when public capital mixed with Hong Kong, Macao and Taiwan capitals, these non-public capital can show a managerial advantage in this industry, and for capital-intensive and technology- intensive industry, the joining of the foreign capital can better improve the efficiency of these firms.