国有企业与经济增长:基于基础设施的视角

State-Owned Enterprises and Economic Growth:An Infrastructure-Based Perspective

20世纪90年代末以来,由于国有资产逐渐向上游具有自然垄断性质的基础设施行业集中,国有企业对经济增长的影响在相当程度上取决于能否消除基础设施瓶颈。我国以调整国有企业布局、优化国有企业功能的创新性手段破解了普遍存在于发展中国家的基础设施供给不足的问题,形成了具有超大规模的基础设施网络,有力保障了国内国际经济循环畅通和要素高效流动。国有企业投资水平的提高可以促进经济增长。国有企业对基础设施投资降低了经济的交易费用,提高了资本回报率,拉动了非国有企业投资,促进了居民消费。国有企业投资水平的提高在中长期有助于抑制宏观杠杆率、化解债务风险。国有企业投资效率并未在国际金融危机期间以及2012—2015年等经济下行阶段发生显著变化。经济发展需要国有企业和非国有企业来共同推动。

Considering the concentration of state-owned assets in the upstream infrastructure industry with natural monopoly since the late 1990s,the impact of state-owned enterprises(SOEs)on economic growth depends to a large extent on whether infrastructure bottlenecks can be eliminated,which needs to be carefully examined from the empirical level.With innovative means to adjust the distribution of SOEs and optimize the functions of SOEs,China has solved the problem of insufficient supply of infrastructure commonly existing in developing countries,promoted the formation of an infrastructure network with super large-scale advantages,and effectively guaranteed the unobstructed domestic and international economic cycle and efficient flow of factors.The following four conclusions are drawn.First,the increase in SOEs’investment can promote economic growth.Second,the increase in SOEs’investment can reduce the transaction costs of the economy,increase the return on capital,stimulate the investment of non-SOEs and promote the household consumption by increasing the supply of infrastructure.Third,the increase in SOEs’investment can help curb macro leverage and defuse debt risks by increasing the denominator in the medium and long term.Fourth,the effect mentioned above does not fundamentally change during the international financial crisis and the economic downturn period from 2012 to 2015.Economic development needs the joint promotion of SOEs and non-SOEs.