境外上市与境内上市国有企业资本错配程度的比较分析

Comparative Analysis of Capital Mismatch Between Overseas-listed and Domestic-listed State-owned Enterprises

微观经济学理论指出,资本配置在完全竞争市场条件下能够达到理想的帕累托最优状态。现实社会中或多或少的干预因素使得资本错配问题存在于各个国家的各种所有制经济中。本文以国有企业为研究对象,结合柯布-道格拉斯生产函数构建了资本错配测算的理论模型,在此基础上通过面板数据固定效应模型测算资本和劳动的产出弹性,得到境外上市(实验组)与境内上市(对照组)国有企业的资本错配指数,通过对比分析发现:(1)境外上市国有企业的资本错配程度显著低于境内上市的国有企业;(2)与境内上市相比,香港上市国有企业的资本错配程度更低;(3)近些年,境内上市国有企业的资本错配程度低于香港与美国交叉上市的国有企业;(4)与在香港与美国交叉上市的国有企业相比,香港单独上市国有企业的资本配置效率更高。

Microeconomic theory points out that capital allocation could reach the ideal Pareto optimal state under the condi⁃tion of perfect competition market.In the real society,more or less intervention factors make the problem of capital mismatch exist in various ownership economies of all countries.This paper takes Chinese state-owned enterprises as the research object,which builds a theoretical model for calculating the capital mismatch of state-owned enterprises combined with C-D production function.On this basis,the output elasticity of capital and labor is calculated by a fixed effect panel data model.Then,the degree of capital mismatch both overseas-listed state-owned enterprises(experimental group)and domestic-listed state-owned enterprises(control group)are obtained,through comparative analysis it found that:(1)the overseas-listed state-owned enterprise capital mismatch degree is significantly lower than domestic-listed state-owned enterprises;(2)compared with the domestic listing,the capital mismatch of the state-owned enterprises listed in Hong Kong is lower;(3)in recent years,the degree of capital mismatch of stateowned enterprises listed in China is lower than that of cross-listed in Hong Kong and the United States;(4)compared with the cross-listed State-Owned enterprises in Hong Kong and the United States,the state-owned enterprises listed simply in Hong Kong only are more efficient in capital allocation.