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自改革开放以来,中国的电力、航空运输和电信等传统的自然垄断产业在产权、竞争与规制方面经历了不同程度的改革。不同产业所引入不同形式改革的时间与次序存在较大差异,因此,这提供了一个比较不同改革方式对产业绩效所产生影响的机会。基于中国6个传统自然垄断产业上市公司数据,本文检验了产权、竞争与公司治理规制改革对公司及产业绩效的影响。研究结果发现,公司治理的效应并不显著;电力产业的绩效高于其他产业;自来水、公路、水运(港口)与电信业的管理费用显著高于电力产业;就自来水、公路和电信产业而言,私有产权与产业的交互项均分别与成本费用指标呈显著的负相关关系。这些结果表明,公司治理规制改革的影响在产业间差异不明显;市场竞争能够提高效率,并且在竞争程度一定的条件下,私有产权能够促进企业降低成本费用。因此,市场化改革对改革的成功与产业绩效提升具有关键作用。产权改革也对改革效果具有重要影响。这些结果为扩展改革次序优化理论及深化中国自然垄断产业改革提供了实证方面的支持。
Since the reform and opening up, China’s traditional natural monopoly industries such as electricity, air transport and telecommunications have undergone various reforms in property rights, competition and regulation. There is a big difference in the timing and order of the different forms of reforms introduced by different industries, so this provides an opportunity to compare the impact of different reform approaches on industrial performance. Based on the data of six listed traditional natural monopoly industries in China, this paper examines the impact of property rights, competition and corporate governance reform on corporate and industrial performance. The results show that the effect of corporate governance is not significant; the performance of the power industry is higher than that of other industries; the management costs of tap water, highway, waterway (port) and telecommunications are significantly higher than those of the power industry; in terms of tap water, road and telecommunications industries , The interaction between private property and industry were significantly negatively correlated with the costs and expenses. These results show that the impact of corporate governance reform is not obvious in the industry; market competition can improve efficiency, and under the condition of certain degree of competition, private property rights can promote enterprises to reduce costs. Therefore, the marketization reform plays a key role in the success of reform and the improvement of industrial performance. Property rights reform also has an important impact on the effectiveness of the reform. These results provide empirical support for expanding the theory of optimizing the order of reform and deepening the reform of China’s natural monopoly industries.