国有企业民营化对企业出口的影响研究--基于倍差法的倾向评分匹配(DID-PSM)估计

Impact of SOE Privatization on Enterprise Export The Based on Difference in Difference Propensity Score Matching Method

使用2001—2007年中国工业企业数据库,运用基于倍差法的倾向评分匹配估计方法对国有企业转型进行研究,结果发现:首先,国有企业民营化提高了企业出口的可能性、改善了企业的生产经营状况,并且大部分改善在企业改制的当年幅度较小,在后续年度呈现上升趋势,其中对企业规模、流动性以及长期债务比率的影响在改制的第二年才开始显现;其次,规模大、生产率高、长期债务水平和流动性高的企业出口的可能性更大;最后,民营化促进企业出口主要是通过提高企业的生产率,其它渠道对企业出口的作用虽然也为正,但从数量上看并不明显。

This paper uses Chinese industrial enterprises database over the period 2001--2007 and difference in difference propensity score matching method to study the restructure of state- owned enterprises. Our research finds that： firstly, the privatization of state-owned enterprise can raise the possibility of enterprises to export and improve the production condition. And most of the improvements are smaller in restructuring year, with rising trend in the following years. The im- pact on enterprise scale, liquidity and long--term debt ratio appears in the second year. Secondly, we find that larger scale, higher productivity, liquidity and long-term debt ratio can enhance the possibility to export. Finally, privatization can promote the enterprise to export mainly through in- creasing productivity. The other channels can create positive effect as well, but the quantity is not obvious.