产能利用率、企业性质与经营效益——基于钢铁企业的实证分析

Capacity Utilization,Enterprise Nature and Operation Benefits:Empirical Study Based on Iron and Steel Industry

钢铁行业产能过剩由来已久,梳理分析钢铁行业产能过剩的结构特征及其经济影响对于中国当前的供给侧改革具有重要的现实意义。文章利用1998–2007年中国工业企业数据,分析了我国钢铁企业产能利用率的变动趋势、企业性质及其与经营效益的关系。研究发现,产能利用状况一直以来都是影响我国钢铁企业经营效益的重要因素,这一现象在国有钢铁企业尤为突出。从变动趋势和结构差异来看,我国钢铁企业的产能利用率与利润率具有相近的变化趋势,且具有相似的企业性质差异,即国有企业的产能利用率和利润率明显低于非国有企业。实证结果表明,产能利用率是影响我国钢铁企业利润率的诸多因素中的主导因素,它的差异在很大程度上可以解释国有与非国有钢铁企业间的利润率差异。通过进一步区分企业的规模类型发现,我国钢铁企业产能利用率的企业性质差异主要表现在中小型企业,尤其是小型企业。因此治理我国钢铁企业产能过剩问题除了考虑企业的所有制形式外,还要区分企业的规模类型,同时坚持企业所有制改革和大型化的发展路径。

Based on the micro data of China＇s iron and steel enterprises,this paper firstly measures capacity utilization rate from 1998 to 2007,then analyzes the evolution trend of the capacity utilization rate,the differences of the nature of enterprises and their influences on business efficiency,and finally studies the scale factors of enterprises＇ nature differences.The research finds that the capacity utilization situation is always an important factor affecting the business efficiency of China＇s iron and steel enterprises,which is particularly prominent in the state-owned iron and steel enterprises：firstly,capacity utilization rates and profit rates in China＇s iron and steel enterprises have the same evolution trends and the similar nature differences,that is to say,stateowned enterprises＇ capacity utilization rates and profit rates are significantly lower than those of non-state-owned enterprises such as collective,private and foreign enterprises;secondly,the capacity utilization rate is the dominant factor affecting profit rates of China＇s iron and steel enterprises,whose difference can explain the differences in profit rates between state-owned and non-state-owned iron and steel enterprises to a great extent;specifically,about 10% of the profit rate differences between state-owned and collective enterprises,about 30% of the profit rate differences between state-owned and private enterprises and about 7% of the profit rate differences between state-owned and foreign enterprises can be explained by the differences in capacity utilization rate.Therefore,the future reform of state-owned steel enterprises should pay more attention to the prevention and governance of overcapacity.To narrow the gap of capacity utilization rates between state-owned and non-state-owned iron and steel enterprises vigorously is the key to enhance the business efficiency of state-owned iron and steel enterprises;thirdly,through further division of enterprises＇ scale types,the nature differences in capacity utilization rates of China＇s iron and steel enterprises are mainly in small and medium enterprises,especially small enterprises.Due to the large scale of state-owned enterprises,if the scale factor is not taken into consideration,the gap of the capacity utilization rates between state-owned and non-stateowned enterprises will further expand by about 15%.Therefore,in order to control the overcapacity of China＇s iron and steel enterprises,we should not only consider the ownership of enterprises,but also distinguish the scale types of enterprises,and at the same time adhere to the development path of enterprise reform about ownership and large scale.We should start from the small and medium enterprises and focus on their ownership reform,namely our state-owned iron and steel enterprises should still continue to adhere to the reform ideas of ＂grasping the big and giving up the small＂.