国有企业应该转向轻资产运营吗——工业和流通业的比较实证分析

Should the State-owned Enterprises Turn to Asset-light Strategy?——A Comparative Empirical Analysis between Industry Sector and Circulation Sector

尽管越来越多的企业偏好于通过资源整合与外包的方式形成轻资产运营模式,但国有企业却通常表现为不同于上述一般规律的"例外"。本文通过案例分析发现,国有企业在一定程度上基于宏观职能的需要而实施重资产运营,但同时也基于自我服务动因对重资产进行延伸开发与利用,基于宏观职能的产业控制和源自企业内部的自我服务共同转化为差异化的竞争优势,而基于自我服务导向的重资产投入还进一步作用于成本领先的竞争优势。本文在区分工业和流通业的基础上,构建计量经济模型检验了重资产运营对企业效率的影响,实证研究发现,虽然重资产对企业效率有着普遍的负面影响,但国有企业明显削弱了这一负面作用。从行业区分来看,国有工业企业可能存在过度投资的问题,但在重资产的开发运用方面具有一定的合理性;国有流通企业则在较大程度上减轻了重资产运营的负面影响,其中零售企业相比批发企业的缓解幅度更大。因此,国有企业不应盲目转向轻资产运营,而应在已然形成的重资产运营中"扬长避短",实现"轻""重"资产在不同行业之间的合理配比。

Although more and more enterprises tend to construct cooperating governance through outsourcing and resource integrating, the state-owned enterprises （SOEs）still engage in heavy-asset operation. Based on case study, we find that such operation partly stems from the ＇macro function＇ while the SOEs also take advantages of the heavy-assets by self-service. The ＇industry control＇ from the macro function and the ＇self-service＇ from the enterprise itself lead to the competitive advantage of differentiation, and the self-service also contributes to the cost leadership. We also use the empirical models to analyze the relationship between the enterprise efficiency and the heavy-asset, where the sample is divided into the industry, wholesale and retail to distinguish industries＇ differences. The results reveal that the heavy-asset has a significant negative influence on the efficiency. However, the SOEs weaken such negative impact, which shows a stronger effect in the retail than wholesale. The SOEs in the industry suffered productivity loss probably due to over-investment while the management of the heavy-asset is operated pretty well. From the case study and empirical models, we suggest that the SOEs should not turn to the light-asset operation arbitrarily but maximize the strength of the heavy-asset which has been formed for years. And the whole industries also benefit from the appropriate ratio of the heavy-asset and the light-asset.