外部监管能够改善国企经营绩效与改制成效吗？

Can External Regulation Improve the Performance of State-owned Enterprises?

利用中国微观企业数据,本文以2003年国资委成立为政策冲击,系统地考察了外部监管对国有企业经营绩效和改制成效的影响。研究发现:首先,外部监管能够改善国有企业的经营绩效,提高企业的盈利能力,其作用主要是通过扩大国有企业的生产规模和提高国有企业的生产效率实现的。其次,外部监管还能够提高国有企业的改制成效,充分释放体制变化所产生的效率能量,使改制企业的盈利能力进一步提升。最后,从行业层面来看,外部监管对国有企业经营绩效的改善主要作用在上游行业,而对国有企业改制的影响则主要集中在市场竞争较为激烈的中下游行业。本文研究表明,外部监管对于推进国有企业改革起到了积极作用,并且为更好地发挥国有企业改制对经济增长的促进作用,还需引入市场竞争机制。

Using Chinese micro enterprise data, this paper investigates the impact of external regulation on SOE performance and reformation, with the establishment of SASAC as a policy shock. First, we show that strengthening external regulation can increase SOE profit, and the impact is mainly by scale up the production and increasing the production efficiency. Second, strengthening external regulation also generates a positive effect on SOE reformation, which improves the operating performance of restructured enterprises with the fully release of system transformation. Last, strengthening external regulation has a bigger effect on SOE performance in the upstream sector, but it generates a greater effect on SOE reformation in the mid-downstream sector with high market competition. In this paper, we find that strengthening external regulation plays a positive role in SOE reform, but in order to make a further reformation and promote economic growth, the key lies in introducing the market competition mechanism.