混合所有制企业最优产权结构的选择

发布时间：2018-05-26 01:24

本文选题：混合所有制 + 交叉持股　；参考：《中国工业经济》2017年04期

【摘要】：在混合所有制改革背景下,对不同改革方案下企业的产权结构及市场运行结果进行研究,可以提高政策设计的精准性。本文分析了非国有产权企业进入原本由混合所有制企业控制的市场以及混合所有制企业参与交叉持股等情形下的结果。研究发现,如果非国有产权企业是市场中的新进入企业,将导致混合所有制企业中的最优国有产权比重下降;但如果非国有产权企业由原在位混合所有制企业转换而来,那么,只有当产品差异化程度较高时,混合所有制企业中最优的国有产权比重才会下降。本文将混合所有制企业参与的交叉持股区分为:混合所有制企业间交叉持股的"宝武方案"、1个混合所有制企业与1个非国有产权企业间交叉持股的"国药方案",以及1个混合所有制企业与多个非国有产权企业间非对称交叉持股的"中建方案"。结果显示,中建方案下混合所有制企业中的最优国有产权比重总是低于国药方案;当产品间差异化程度较大时,宝武方案下混合所有制企业中的最优国有产权比重在三种方案中最低,而当产品间差异化程度较小时,宝武方案在三种方案中最高。在政策定位上,宝武方案、国药方案及中建方案的改革目标应分别为增强混合所有制企业的市场控制力、市场竞争力以及市场领导力。
[Abstract]:Under the background of mixed ownership reform, the research on the property right structure and market operation results of enterprises under different reform schemes can improve the precision of policy design. In this paper, the results of non-state-owned property enterprises entering the market controlled by mixed ownership enterprises and the participation of mixed ownership enterprises in cross-shareholding are analyzed. The study found that if non-state-owned property enterprises are new entrants in the market, they will lead to a decrease in the proportion of optimal state-owned property rights in mixed ownership enterprises, but if non-state-owned property rights enterprises are converted from the former in place mixed ownership enterprises, then, Only when the degree of product differentiation is high, the optimal proportion of state-owned property right in mixed ownership enterprises will decrease. In this paper, the participation of mixed ownership enterprises in cross-shareholding is divided into "Baowu scheme" for cross-ownership among mixed ownership enterprises, and "Chinese medicine scheme" for cross-shareholding between a mixed ownership enterprise and a non-state-owned property right enterprise. And a mixed ownership enterprise and a number of non-state-owned enterprises asymmetric cross-ownership between the "construction plan." The results show that the proportion of the optimal state-owned property right in the mixed ownership enterprises under the construction scheme is always lower than that in the Chinese medicine scheme, and when the degree of product differentiation is greater, The optimal proportion of state-owned property right in the mixed ownership enterprises under the Baowu scheme is the lowest among the three schemes, but when the degree of product differentiation is small, the Baowu scheme is the highest among the three schemes. In terms of policy orientation, the reform objectives of Baowu scheme, Chinese medicine scheme and China Construction Project should be to strengthen the market control, market competitiveness and market leadership of mixed ownership enterprises, respectively.
【作者单位】：山东大学经济学院;
【基金】：国家自然科学基金面上项目“中国产业政策与竞争政策的有效性及协调机制研究”(批准号71473151) 山东省社会科学规划项目“开放经济下企业横向合并的反垄断政策设计与实施研究”(批准号16CJJJ06)
【分类号】：F271

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