新时代国企与民企发展混合所有制研究:一个实物期权方法

The Development of Mixed Ownership under New Era in Terms of Real Option Theory

国有资本与非公有资本交叉持股、相互融合的混合所有制经济是基本经济制度的重要实现形式。本文基于实物期权理论研究发现,不可逆投资和不确定性对国企民企发展混合所有制会产生不利的影响,很容易使双方陷入"囚徒困境"中,无法实现帕累托最优。因此,积极稳妥发展混合所有制,关键在于完善竞争性市场体系;降低民企进入门槛;打破国有企业垄断;降低融资交易成本。而政府在制定政策和完善制度时则需降低不确定性,为投资者提供稳定的预期环境,尽可能减少沉淀成本的出现,促进生产资源充分流动,推动国企民企协同发展。

The paper analyzes the mixed ownership between the state-owned and private firms in terms of real option theory.Based on irreversible costs and uncertainty,it shows that irreversible costs and uncertainty have a negative great effect on the mixed ownership,hence unable to attain the Pareto Optimum.Because of the popular existence of irreversible or sunk costs and uncertainty in state-owned and private owned enterprises,they adversely lead to the underinvestment and not willing to join the mixed ownership resulting in prisoners’dilemma.Thu s,this paper provides the solutions to the state-owned and private investments,such as building up the institutions to reduce the amounts of irreversible or sunk costs and uncertainty towards the factor mobility,and promoting the coordinated development of state-owned enterprises and private ones.