所有制属性和大型企业效率:双扭曲视角下中央企业的实证研究

Ownership and the Efficiency of Big Business:An Empirical Analysis of the Dual Distortions in Central State-Owned Enterprises

所有制属性对企业效率的影响是学术界研究的重点问题,而既有文献对其具体的影响方面存在一定争论,且缺乏在同一框架下综合考虑和比较各方面影响的实证研究。本文构建'双扭曲'框架并核算了2003~2013年中国的中央企业和非国有大型企业的企业效率,随后进一步采用随机效应和系统动态面板模型,对企业所有制属性对企业效率的影响进行检验。结果表明:在传统经济理性产出模型下,国有制企业属性对大型企业效率产生负向影响;在考虑'双扭曲'之后调整的产出模型下,国有制企业属性对大型企业效率产生正向影响。本文的研究揭示了企业所有制在不同产出模型下对大型企业效率的影响方向,这一研究结论对于明确中央企业定位和后续改革有一定的政策指导作用。

The impacts of ownership on enterprise efficiencies have been a key research issue. The current literature presents some controversies about the specific aspects of such impacts. Additionally, there is a lack of empirical analysis that comprehensively considers and compares the impact of various aspects under the same framework. This article proposes a dual-distortion framework and then calculates the efficiencies of China’s central state-owned enterprises(SOEs) and big private businesses from 2003 to 2013. It also uses a RE and GMM model to further test the hypothesis. The results indicate that under the traditional economic-oriented output model, state ownership has a negative on the efficiency of large companies. However, when the dual distortions are taken into consideration, state ownership begins to have a positive influence. This research reveals the direction of the effect of ownership on large firms under different output models. It provides policy recommendations and helpful ideas regarding further reforms of the central SOEs.