超越市场不完美:垂直结构中的上游国企效率悖论

Beyond Market Imperfections:Efficiency Paradox of Upstream State-owned Enterprises under Vertical Structure

市场不完美的存在是政府调控发挥作用的前提。结合危机中国企逆势扩张及其微观效率下降的基本事实,本文认为,在国企与非国企分别主导上、下游产业的“垂直结构”中,为了消除市场不完美导致的资源错配,上游国企难以避免周期性的“微观失效但宏观有效”的“效率悖论”。理论分析显示:(1)市场不完美抑制了下游行业对上游生产的中间品的需求,虽然分散均衡中各行业的微观效率相同,但此时上游行业的产出相对不足;(2)在全局最优均衡下,虽然上游扩张和更多的中间品供应能够提升宏观效率,但也损害了上游国企的微观效率;(3)垂直结构的强化和市场不完美的加剧使得上游国企更容易出现“效率悖论”。企业和省级层面的实证检验亦支持了上述结论。进一步地,模型分别从引入中游部门、上游垄断、政府补贴、下游国企和资本积累五方面进行了拓展,从而在强化了核心结论的同时,丰富了研究的现实意义。据此,本文从推动国民共进、综合评价国企效率和打通供应链堵点这三方面提出了政策建议。

The existence of market imperfections is a prerequisite for policy intervention.Based on the reality that state-owned enter⁃prises(SOEs)expand counter-cyclically and their micro efficiency has decreased during the economic crisis,this article argues that under the"vertical structure"where SOEs and non-SOEs dominate upstream and downstream sectors respectively,in order to alleviate resources misallocation caused by market imperfections,it is inevitable for upstream SOEs to face the cyclical"efficiency paradox"of"micro failure but macro effectiveness".The theoretical analysis indicates that market imperfections reduce the demand for intermediates in downstream sectors.Firstly,although the micro efficiency of both sectors in decentralized equilibrium is identical,the supply of upstream sectors is rel⁃atively insufficient.Secondly,in the global optimal equilibrium,despite the fact that the expansion of upstream SOEs and sufficient supply of intermediates improve the macro efficiency,they damage the micro efficiency of upstream SOEs as well.Thirdly,with the strengthening of vertical structure and deterioration of market imperfections,upstream SOEs are more prone to the"efficiency paradox".Empirical evi⁃dence at both firm and provincial levels also supports the above conclusion.Furthermore,the model expansion section introduces five parts:midstream sectors,monopoly power of upstream,government subsidies,downstream SOEs,and capital accumulation,which enriches the realistic meaning of the research by strengthening the core conclusions.Accordingly,this article proposes three policy recommenda⁃tions:promoting state and private sector joint advancement,comprehensively evaluating the efficiency of SOEs,and unblocking supply chain bottlenecks.