国有资本收益分配“体内循环”机制的影响因素与矫正路径——基于国有上市公司Tobit模型的实证分析

Influencing Factors and Correction Paths of the "Internal Circulation" Mechanism of State-Owned Capital Income Distribution—— Empirical Analysis Based on Tobit Model of State-Owned Listed Companies

自2010年我国提高国有资本收益上缴比例后,国有企业所缴纳的国有资本收益也随之持续增长,但仍存在严重的"体内循环"问题。解决我国国有资本收益分配的"体内循环"问题,既是国企摆脱软预算约束的内在需要,也是完善现代市场机制的必然要求。文章选用Tobit模型(即样本选择模型)实证剖析了影响国有资本"体内循环"的各项因素,提出完善管理层薪酬约束机制、强化对国有企业收益分配的监督、扩大民生性支出范围、提高国有企业的盈利能力和健全国资预算管理制度五个方面的政策建议。

Since 2010, the proportion of state-owned capital gains paid by state-owned enterprises has continued to grow, but there is still a serious ＂internal circulation＂ issue. Breaking the ＂internal circulation＂ of the distribution of state-owned capital gains in China is not only the inherent need to remove the soft budget constraint of state-owned enterprises, but also the inevitable requirement to improve the modern market mechanism. This paper uses Tobit model to analyze the factors influencing the state-owned capital ＂Circulation＂ and puts forward five policy recommendations： to improve the management of state-owned enterprises, strengthen the incentive and restraint mechanism of state-owned enterprises income distribution supervision, improve the profitability of state-owned enterprises, expand the scope of livelihood expenditure and improve the budget management system of state-owned capital gains.