论文部分内容阅读
我们利用2001—2003年全国规模以上工业企业的平衡面板数据,检验了关于国有企业改革的两种假说:产权论和市场论。产权论认为国有企业改革的关键是产权改革,而市场论认为关键是为国有企业创造一个竞争性的市场环境。结果表明,以企业的主营业务销售利润率为因变量,给定市场竞争程度,国有产权明显比其他所有制带来更低的经营绩效,而且在各种竞争程度的市场环境下国有产权的劣势都很明显;在考虑了市场竞争对产权的影响后,国有资本对企业绩效的影响是显著负的,而私营资本对企业绩效的影响是显著正的。这表明,当前国有企业改革的重点应该是产权改革,是继续改善国有企业内部治理结构。
We use the balanced panel data of industrial enterprises above designated size in 2001-2003 to test two hypotheses about the reform of state-owned enterprises: property rights and market theory. Property rights theory holds that the key to the reform of state-owned enterprises is property rights reform, and the market theory holds that the key is to create a competitive market environment for state-owned enterprises. The results show that with the sales profit rate of the main business of the enterprise as the dependent variable and given the degree of market competition, the state-owned property rights obviously bring lower business performance than other ownership systems and the disadvantages of state-owned property rights in various competitive market environments Are obvious. After considering the impact of market competition on property rights, the impact of state-owned capital on corporate performance is significantly negative, while the impact of private capital on corporate performance is significantly positive. This shows that the current reform of state-owned enterprises should focus on property rights reform and continue to improve the internal governance structure of state-owned enterprises.