中国混合所有制企业股权结构选择与绩效研究

Research on the Ownership Structure and Performance of Chinese Mixed Ownership Enterprises

该文利用《中国工业企业数据库》1998~2007年5960家混合所有制企业的数据,采用面板IV模型进行的实证研究发现,企业国有股比重与企业绩效呈倒U型关系,并且在考虑市场竞争效应后,最优国有股比例应当从45%提高到84.3%,或从51%提高到75%。但是,目前我国混合所有制企业国有股比例的平均值和中位数远未达到最优的国有股比例。所以,对垄断程度高的行业进行混合所有制改革时,应当提高国有股比例至最优水平,使国家拥有对企业的绝对控股权;对于竞争性强的行业,应遵循市场规律由混合双方自主选择股权比例,但也没有必要实施国有股从竞争性领域全部退出的政策,因为此时国有股比重与企业绩效的关系为正相关。该文的最终结论是,我国国有企业的混合所有制改革不等于国企私有化、而是应当通过混合所有制改革进一步做大、做强、做优国有企业。

With the data of 5960 mixed ownership enterprise of ＂ China＇s industrial enterprise database＂,the paper finds inverted U-type relationship between state-owned shares and enterprise performance and an optimal proportion of state-owned shares increased from 45%to 50.75%,or 51%to 58.02% considering the effect of market competition.Since the mean and median level of stateowned shares is far from the optimal level,the mixed ownership reform of the high degree of monopoly industry is supposed to improve the proportion of state-owned shares to hold the absolute control of the state-owned enterprises.It is advisable to follow the market rules to select mixed ownership structure within the competitive industrial fields but not withdraw the state-owned stocks because the stateowned shares and corporate performance are positively related.The mixed ownership reform is concluded as not equal to the privatization but strengthening the state-owned enterprises.