国有注资对民营企业绩效的影响——基于中国工业企业的研究

The Effect of State Capital Injection on Private Firms’ Performance——Evidence from Chinese Industrial Firm

本文基于中国工业企业数据的研究发现,国有注资阻碍了民营企业的技术进步和管理效率,导致企业全要素生产率降低。国有资本带来的政策性负担增加了企业劳动力成本和固定资产投资,同时降低了要素生产效率,最终削弱了企业的盈利能力。进一步研究发现,在技术密集型和垄断行业内,国有注资并未对企业造成显著的负面影响。本研究对于目前国有资产管理体制改革,推进发展混合所有制经济具有积极的政策意义。

Based on China’s industrial firm data, this study finds that state capital injection weakens the technological progress and efficiency of private enterprises, which leads to a reduction in enterprises’ total factor productivity. State capital injection also increases the labor cost and fixed asset investment, and lowers the profitability of firms. Furthermore, the state capital does not have a significant negative impact on firms in technology-intensive and monopoly industries. This study has shed some lights on the reform of the state asset management and mixed-ownership.