混合所有制改革与民营企业投资效率

The Mixed Ownership Reform of Private Enterprises and Investment Efficiency

本文研究了国有资本参股民企的混合所有制改革对投资效率的影响及机制,发现整体上国资参股提高了投资效率。本文还发现,国有资本参股分别通过政策负担效应加大了过度投资,资源配置倾斜效应减少了投资不足;资源配置倾斜效应超过政策负担效应使投资效率总体得以提升,然而这种提升是以社会总体资源配置效率损失为代价的。本文研究为民企混合所有制改革提供了经验证据,对进一步改革国有资本管理体制和政企关系也有一定启示。

This paper studies the influence and its inner mechanism of State-owned capital participation in shares on investment efficiency of private enterprises.Our findings indicate that:First,on the whole,State-owned capital participation in shares improves the investment efficiency of private enterprises;Second,studies show that State-owned capital participation increases private enterprises’overinvestment and reduces insufficient investment;Third,further studies show that the influences of State-owned capital participation on private enterprises’investment efficiency lies on the“policy burdens effect”and“resource allocation tilt effect”,but this kind of investment efficiency improving is based on the sacrifice of social total resource allocation efficiency.This paper’s contributions are:we provide a different research perspective on the mixed ownership reform by studying private enterprise,and our research conclusions have certain guiding significance for the deepening reform of mixed ownership.