双循环格局下的竞争中性与国企改革——来自国有资本差异化功能的证据

Competition Neutrality and State-owned Enterprise Reform Under the Dual Circulation Pattern——Evidence from the Functional Differences of State Capital

本文在一般均衡框架下构建理论模型,从微观视角考察国有资本功能在国有、民营两部门中的差异,讨论"双循环"战略下如何有效配置国有资本,推动竞争中性框架的建立。研究表明:国有资本在理论上具有正向的经济效率并促进企业积极承担社会责任,但经验证据显示其经济效率偏低,且在国有和民营部门有较大差异。在国有部门中,国有资本的经济效率显著低于民营企业,且在低市场竞争度、高行政进入壁垒行业中尤为突出,证实了国企的垄断经营和不公平竞争;尽管在下游竞争性行业表现了较高效率,但主要是因为挤占了私营部门的投资空间。在民营部门中,国有资本具有积极的经济效率和社会责任。但主要是通过降低其税负、缓解融资约束并对企业捐赠等承担社会责任的行为形成补偿和激励等行为提高了其经济效率,而非国有资本理论上的市场化收益性功能。国有资本在国有和私营部门差异化的功能和经济效率验证了民营企业仍处于非中性的竞争环境,双循环格局可在上游垄断性部门引入民营资本和竞争机制,在下游竞争性行业则深化混合所有制改革以提高国企效率,释放出因国有部门过度举债挤占的私营部门投资空间,健全国有资本要素的市场化配置,给予民营企业竞争中性的平等国民待遇。

This paper constructs a theoretical model under the framework of general equilibrium,examines the difference between the functions of state-owned capital in state-owned sectors and those in private sectors from a micro perspective,and discusses how to allocate state-owned capital effectively and promote the establishment of competitive neutral framework under the dual circulation pattern.The research shows that state-owned capital theoretically has positive economic efficiency and promotes enterprises to actively undertake social responsibility,but empirical evidence shows that its economic efficiency is low,and there is a big difference between state-owned and private sectors.In the stateowned sector,the economic efficiency of state-owned capital is significantly lower than that of private enterprises,especially in the industries with low market competition and high administrative barriers to entry,which confirms the monopoly and unfair competition of state-owned enterprises.Although it is more efficient in downstream competitive industries,it is mainly due to crowding out private sector investment space.In the private sector,state-owned capital has positive economic efficiency and social responsibility.However,it mainly improves its economic efficiency by reducing its tax burden,alleviating financing constraints and forming compensation and incentives for enterprises’ social responsibility behavior such as donation,rather than the theoretical market income function.Differentiating functions and economic efficiency of state capital in state and private sectors verify the competition environment of private enterprises is still in the neutral,Dual Circulation Pattern can introduce private capital and competition mechanism in the upstream monopolistic sectors,and deepen the mixed ownership reform in the downstream competitive sectors to improve the efficiency of SOEs,it will free up space for private sector investment,which has been squeezed out by excessive debt by the state sector.The government should improve the market-based allocation of state capital factors,and give competitive and equal national treatment to private enterprises.