本文在严格剔除的基础上,选取了16个竞争性行业518家上市公司2002-2009年的数据,在对预算约束指标进行检验后发现,国有与民营上市公司不存在预算软约束问题,因而认定它们的竞争环境基本相同。然后从偿债能力、经营管理能力和盈利能力上选取了财务效率指标,利用Malmquist指数计算了技术效率指标,通过两样本的非参数检验后发现,无论是财务效率,还是技术效率,国有企业和民营企业均不存在差异。据此,我们认为本文的研究结论是可信的,并提请有关部门在决策时考虑。 On the basis of strict rejection, this paper has selected data from 1988 listed companies in 16 competitive industries from 2002 to 2009. After examining the budget constraint indicators, the state-owned and privately-listed companies do not have the problem of budget soft constraints, and therefore they are Their competitive environment is basically the same. Then, the financial efficiency indicators were selected from the perspectives of solvency, management and profitability, and the Malmquist index was used to calculate the technical efficiency indicators. Through two-parameter non-parametric tests, it was found that both the financial efficiency and the technical efficiency of the state-owned enterprises There are no differences among private enterprises. Based on this, we believe that the findings of this paper are credible and that relevant departments should be considered when making decisions.