国有资本应该退出竞争性领域吗——基于行业比较与批发业效率机制的分析

发布时间：2018-05-12 03:03

  本文选题：国有批发业 + 全要素生产率　； 参考：《财贸经济》2016年02期

【摘要】：截至目前,绝大多数的经济学文献仍然集中于国有企业缺乏微观效率这一研究共识。而在近期研究中,对国有企业微观效率的肯定论调开始明显增多,但现有的经验研究多以工业数据为分析样本。在纳入流通业样本并在工业、流通业中展开跨行业比较的视角下,本文对国有企业的微观效率展开了多角度的实证评判。通过综合分析主要财务指标,以及应用DEA-Malmquist指数进行全要素生产率的比较测度,本文发现,国有企业在整体上并不具有效率劣势,其效率优势在流通业领域相比在工业领域表现得更为明显,而批发业中国有资本的高占比与高效率并存的现象尤其值得关注。本文进而以案例分析法揭示了国有批发企业的重资产运营与其盈利追赶过程之间的正向关联。研究启示在于,国有资本的进退决策需要结合行业特征进行审慎权衡。在国有资本相对具有更高效率的批发流通领域,可以通过"增资扩容"来放大国有资本的功能,不宜轻易做出国有资本应加快退出的论断,也不宜过度追求轻资产运营的财务目标。
[Abstract]:Up to now, most of the economic literature is still focused on the lack of micro-efficiency of state-owned enterprises. In recent studies, the positive arguments on the micro-efficiency of state-owned enterprises began to increase obviously, but most of the existing empirical studies take the industrial data as the analysis sample. From the perspective of cross-industry comparison in industry and circulation industry, this paper makes a multi-angle empirical evaluation on the micro-efficiency of state-owned enterprises. Based on the comprehensive analysis of the main financial indicators and the comparative measurement of total factor productivity with DEA-Malmquist index, this paper finds that the state-owned enterprises do not have an efficiency disadvantage on the whole. The efficiency advantage is more obvious in the circulation field than in the industrial field, and the phenomenon that the high proportion of the state-owned capital and the high efficiency coexist in the wholesale industry is especially worthy of attention. This paper further reveals the positive correlation between the heavy assets operation of state-owned wholesale enterprises and the process of profit catch-up by case analysis. The implication of the research is that the state-owned capital decision-making needs to be weighed carefully according to the characteristics of the industry. In the field of wholesale circulation with relatively high efficiency of state-owned capital, the function of state-owned capital can be enlarged by "increasing capital and expanding capacity", and it is not easy to make the conclusion that state-owned capital should withdraw more quickly. Also should not excessively pursue the financial target of light assets operation.
【作者单位】： 中国人民大学商学院;
【基金】：中国人民大学科学研究基金(研究品牌计划)资助项目“国内贸易活动的基础理论综合与研究方法创新”(13XNI009)
【分类号】：F724.1
，

本文编号：1876822