市场化改革激发了谁的活力

Whose Vitality was Inspired by Market-Oriented Reform

“激发各类市场主体活力”是新时期“全面深化改革”贯彻党的十九届五中全会精神的鲜明要求,面对各类市场主体的蓬勃发展,市场化改革对不同所有制类型企业的作用效果与途径是值得讨论的一个重要问题。本文通过构建无资源流动障碍和无信贷约束条件下的企业经营绩效模型,从理论上解释了市场化改革对于国有企业和非国有企业的差异化影响,以中国省际面板数据为样本检验了市场化改革激发不同所有制企业活力的效果与机制,发现市场化改革对国有企业与非国有企业的经营绩效均存在显著的正效应,对非国有企业的影响更为明显;来自断点回归的结果表明,党的十六届三中全会召开成功驱动了国有企业混合所有制改革的步伐,混改后的国有企业活力大增,生产效率和盈利能力上升约18个百分点。上述研究结论不仅为市场化改革的政策评价提供了经验性事实,而且为新时期深化国有企业混合所有制改革提供了理论依据。

"Stimulating the vitality of market entities"is a clear requirement of"comprehensively deepening reform"in the new era to implement the spirit of the Fifth Plenary Session of the 19th CPC Central Committee.Facing the vigorous development of all kinds of market entities,the effect of market-oriented reform on different types of ownership enterprises is an important issue worthy of discussion.In this paper,we theoretically explained the differential effects of market-oriented reforms on state-owned enterprises and non-state-owned enterprises by constructing the business performance model under the conditions of non-resource flow barriers and non-credit constraints.Then we tested the impacts of marketization process on different ownership enterprises’productivity and profitability as well as its mechanisms based on the China’s provincial panel data.It is found that,the market-oriented reform has significant positive effects on both state-owned and non-state-owned enterprises’performances,and the impact on non-state-owned enterprises is more obvious.The results of regression discontinuity method shows that the Third Plenary Session of the 16th CPC Central Committee has successfully driven the pace of mixed ownership reform of state-owned enterprises,state-owned enterprises increased vitality substantially after the reform,enhanced productivity and profitability by about 18 percentage.The above conclusions not only provide empirical evidence for the policy evaluation of market-oriented reform,but also provide a theoretical basis for deepening the reform of state-owned enterprises in the new era.