混合所有制改革、政策性负担与国企技术效率——来自高技术企业的证据

Mixed ownership reform,policy burden and technical efficiency of state-owned enterprises:evidence from high-tech enterprises

国企是高技术企业的重要组成部分。新时期推进制造强国、科技强国建设,离不开对高技术国企效率的提升。混合所有制改革是深化国企改革的重要方式。通过整理中国工业企业数据库高新技术行业1998—2013年的数据,构建了基于国企股权变更的混合所有制改革变量,运用双重差分法实证探究了混合所有制改革对高新技术国企技术效率的影响,并对混改的作用路径及其在不同行业和市场环境下的异质性作用进行了研究。研究发现:第一,混合所有制改革确实显著提升了高技术国有企业的全要素生产率,且这一影响作用具有一定的持续性,而股权混合度会正向影响混改的效应;第二,混合所有制改革对高技术国企效率提升的作用机制主要是通过减轻国有企业政策性负担,尤其是高科技国企的社会性负担实现的;第三,混改的成效受制于国企所面临的地方政治约束以及行业垄断,故实施混改需要充分考虑不同企业所面临的经济环境和制度制约。研究结论对于推动国有企业的转型升级、促进高技术企业高质量发展具有重要的政策意义。

State-owned enterprises are an important component of high-tech industries.The promotion of manufacturing,science,and technology power in the new era is inextricably linked to improving the efficiency of high-tech state-owned enterprises.Mixed ownership is an important path to deepening the reform of state-owned enterprises.Based on data on the high-tech industry in China Industrial Enterprise Database from 1998 to 2013,this paper constructs a mixed-ownership-reform variable based on the change in the equity structure of state-owned enterprises.We empirically analyze the impact of mixed ownership reform on the technical efficiency of high-tech state-owned enterprises using a difference-in-differences technique.The role path of mixed ownership reform and its heterogeneous role in different industries and market environments are also studied.The results show,first,that the shift to mixed ownership has significantly improved the total factor productivity of high-tech state-owned enterprises,and this effect is persistent.Furthermore,equity mixing degrees will have a positive impact on this effect.Second,mixed-ownership reform can improve the efficiency of state-owned enterprises mainly by reducing their policy burden and,in particular,the social burden of high-tech state-owned enterprises.Third,the effect of mixed ownership reform is restricted by local political constraints and the industry monopoly faced by state-owned enterprises.In the implementation of mixed-ownership reform,it is important to fully consider the economic environment and institutional constraints faced by different enterprises.The conclusions have important policy significance in promoting the transformation and upgrading of state-owned enterprises and promoting the high-quality development of high-tech enterprises.