私有企业的发展是改革和发展的关键:来自主要转轨经济的企业层面证据

Private Sector as the Driving Force of Economic Development:Firm-level Evidence from Major Transition Economies

本文以主要转轨国家的企业数据为依据,对比分析中国企业的绩效。我们发现尽管中东欧与中国的企业在其面临的外部环境上存在显著的差别,但这些外部差异对企业绩效只有有限的影响;最终决定生产率差异的是所有制。概而言之,我们发现中国的现象与其他转轨国家的普遍规律完全一致,即私有企业的绩效超越国有企业。中国的私有企业的绩效是转轨国家各类企业中绩效最高的;但是同时,中国国企的绩效则是转轨国家各类企业中最低的。即,中国过去发展成功的方面与世界其他国家发展的规律一致,既不是奇迹,也不存在超越市场经济规律的特殊模式。

This paper studies how firm performances differ and why they are different across major transition economies(including both China and CentralEastern Europe).We found large variations in external business environment.Yet,these variations have only limited impacts on firm performances.The ultimate determining factor,which explains most of the firm-level performance difference,particularly the difference in their productivities,is ownership.Concretely,we found that Chinese de novo private firms are the most efficient among all transition economies and among all firms in China.However resource allocation distortion is more severe in China than in Central-Eastern Europe.Our findings that Chinese de novo firms(associated with better property rights) are the crucial driving force for the country's spectacular aggregate performance provide strong counter-evidence against the so-called 'China miracle',which claims that China's growth trajectory does not follow international regularities based on standard institutional measures.