国有控制权带来的企业生产效率红利——来自局部准随机实验的证据

Extra productivity with state-control: evidence from a local quasi-experimental design

推进国有经济布局优化和结构调整,做强做优做大国有资本,是我国国有资产管理一直以来的目标。根据国有企业在混合所有制改革中股权结构的变动,设计了一个局部准自然实验,通过断点回归方法识别了国家控制权对企业生产效率的净效应,缓解了相关实证研究中由国企地位特殊性和混改政策针对性带来的内生性问题。基于我国工业企业1998—2013年的数据,研究发现对于股权结构相近的企业来说,从非国有控股到国有控股的转变可以使全要素生产率实现8%以上的增长。异质性分析发现:上述生产效率红利在重工业行业和大型企业中更加明显;从不同所有制的角度来看,国有企业的生产效率已经与股权结构相近的外资企业没有显著差异。研究结论为国有企业的制度优势提供了经验证据,同时对国企改革中的放权力度给出了有益参考。在当今"双循环"战略的背景下,增强对国有资本的信任,用对用好国有资本对我国经济长期发展有着重要意义。

It has always been the goal of state-owned assets management to optimize the structure of state-owned economy and to make good use of state-owned capital. Using the equity structure changes of state-owned enterprises(SOEs) happened during the mixed-ownership reform in China, this paper constructs a local quasi-experiment and uses a regression discontinuity design to estimate the net effect of state-control on the productivity of enterprises. Compared with relevant empirical studies, our design solves the endogenous problem that often occurs due to some particular roles of SOEs and the nonrandom selection of enterprises during mixed-ownership reform. Based on the data of Chinese industrial enterprises from 1998—2013, our estimation result suggests that for enterprises with a similar equity structure, the transformation from non-state controlled to state controlled can increase productivity by at least 8%. Heterogeneity analysis shows that these effects are stronger in heavy industries and large enterprises. Moreover, the production efficiency of SOEs does not significantly differ from that of foreign enterprises with a similar equity structure. This paper provides empirical evidence for the institutional advantages of SOEs and gives a useful reference for further reform. Under the background of “double circulation”, enhancing the trust of state-owned capital and making good use of it is of great significance to the long-term development of China’s economy.