国有单位工资结构及其就业规模变化的收入分配效应:1988—2007

本文使用1988年、1995年、2002年、2007年CHIP城镇入户调查数据考察国有单位工资结构及其就业规模变化的收入分配效应。为此,本文采用了分位数回归方法、以多重分位数回归为基础的Machado&Mata(2005)反事实分解方法及作者扩展了的方法。各结果表明:国有企业就业份额大幅度下降导致中国城镇工资收入差距显著下降;然而国有企业减员增效改革完成以后,国有企业工资高于非国有企业的幅度及其不合理部分大幅度上升,其结果是城镇工资收入差距扩大。     

Earnings Differentials between State and Non-State Enterprises in Urban China

The present paper estimates earnings differentials between state and non-state sectors for Chinese urban residents in 1996 by taking into account differences in non-wage benefits. Household survey data are used to estimate wage differentials while aggregate statistics are utilised in estimating non-wage benefits. We find that state-sector workers earned significantly more than workers in urban collective and domestic private enterprises in 1996. Unskilled workers in foreign invested enterprises (FIE) earned significantly less than those in the state sector but skilled workers earned more in FIE than in the state sector. These findings shed light on the source of labour immobility that state-owned enterprise had experienced until recently.     

国有企业与非国有企业信贷约束的差异研究——基于现金一现金流敏感度的分析

根据现有理论,国有企业和非国有企业信贷约束的差异是理解中国经济失衡的关键,本文利用近年来公司金融文献中提出的现金一现金流敏感度的分析方法,以中国A股上市企业1990—2010年的数据为样本,研究了中国国有企业与非国有企业存在着的信贷约束差异。其基本计量模型回归结果表明,非国有企业的信贷约束更强,而国有企业则不存在信贷约束。随后,采取的稳健性检验结果表明非国有企业受到了信贷约束,而国有企业则没有受到信贷约束这一结论具有稳健性。     

Changes in the structure of earnings during the Polish transition

We document changes in the structure of earnings during the economic transition in Poland. We find that inequality in labor earnings increased substantially from 1988 to 1996. A common view is that the reallocation of workers from a public sector with a compressed wage distribution, to a private sector with much higher wage inequality, accounts for the bulk of increased earnings inequality during transition (see, e.g., the models of Aghion and Commander (1999) [Aghion, Philippe, Commander, Simon, 1999. On the dynamics of inequality in the transition. Economics of Transition 7, 275–2898.] and Commander and Tolstopiatenko (1998) [Commander, Simon, Tolstopiatenko, Andrei, 1998. The role of unemployment and restructuring in the transition. In: Commander, Simon (Ed.), Enterprise Restructuring and Unemployment in Models of Transition. The World Bank, Washington, pp. 169–192.]). However, our decomposition of the sources of the increase in inequality suggests that this compositional effect accounts for only 39% of the increase. Fully 52% of the increase is due to the increase in the variance of wages within sectors. That is, earnings inequality within both the private and public sectors grew substantially, and by similar amounts. This is consistent with prior work suggesting that even state-owned enterprises in Poland moved towards competitive wage setting as they restructured (see, e.g., Pinto et al. (1993) [Pinto, Brian, Belka, Marek, Krajewski, Stefan, 1993. Transforming state enterprises in Poland: evidence on adjustment by manufacturing firms. Brookings papers on Economic Activity, 213-70.] Commander and Dhar (1998) [Commander, Simon, Dhar, Sumana, 1998. Enterprises in the Polish transition. In Simon Commander (Ed.), Enterprise Restructuring and Unemployment in Models of Transition. The World Bank, Washington, pp. 109-142.]).A substantial part of the increase in earnings inequality was between group, due largely to increased education premiums. However, changes in inequality within education–experience–gender groups account for about 60 percent of the increase in overall earnings inequality. The increases in within-group inequality were very different across skill groups, with much larger increases for highly educated workers. These patterns hold in both the private and public sectors, although increases in education premiums were somewhat greater in the private sector.     

卖空压力对国有企业创新产出的影响

基于公司外部治理机制的视角,检验了资本市场的卖空压力对国有企业创新产出的影响。以历次融资融券扩容为政策冲击,采用多时点双重差分模型,验证了卖空与国有企业创新产出的关系。结果显示:加入融资融券标的后,国有上市公司的专利申请量相比民营上市公司有显著增长;卖空对国有企业创新产出的激励作用在市场化程度较低的地区以及地方国有企业上更为显著。     

国有企业对资本和劳动价格扭曲的非对称影响

要素市场化的滞后是我国改革进程中的一个突出问题,要素价格的负向扭曲则是其重要表现.文章从国有企业的视角研究了要素价格扭曲的原因.一方面,金融抑制和所有制歧视使得国有企业以低于市场利率的价格获得了大量资本,加剧了资本价格的负向扭曲;另一方面,由于国有企业提供的社会保障、收入调节功能以及工会的作用会导致国有企业的劳动力价格高于非国有企业,反而有可能改善劳动力价格的负向扭曲.本文测算了171个三位数行业的资本价格扭曲和劳动力价格扭曲指数,通过实证研究发现,国有企业比重越高的行业资本价格扭曲越严重,但是劳动力价格扭曲越小.本研究具有重要的政策含义:虽然国有企业在提高劳动者收入上的作用值得肯定,但降低竞争性行业的国有企业比重、加快金融市场化改革、促进劳动力自由流动、减少政府对国有企业的补贴和保护,将有利于促进资源优化配置,提高社会的总福利水平.     

Liquidity Shock,Credit Constraint and the Development of Private vs. State-Owned Enterprises

Based on firm level data for the period of 1998–2007, this paper attempts to explain the growth differences between private enterprises and state-owned enterprises (SOEs) in China, in the context of liquidity shocks, and institutional and financial environments. It is found that (1) when liquidity tightens, the private enterprises face stricter credit constraints than SOEs, which restricts the development of private enterprise; (2) when liquidity becomes abundant, private enterprises face fewer financial limitations and grow much faster than SOEs; (3) the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002–2007. These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments, which weaken the effects of liquidity shocks on firm growth.     

A Policy Perspective on Outward Foreign Direct Investment by Chinese State-Owned Enterprises

A growing number of developed country governments in recent years have adopted a hostile attitude towards foreign direct investments undertaken in their markets by state-owned enterprises (SOEs), the latter often based in China. The broad reason for this hostility is the belief that state-owned enterprises pursue non-commercial objectives with resulting damage to host economies. This paper argues that the empirical evidence shows SOEs are increasingly exhibiting market-owned behavior. Furthermore, any adverse consequences of non-commercial behavior are likely to be realized primarily by the SOEs themselves.     

EARNINGS INEQUALITY IN USA, 1969–99: COMPARING INEQUALITY USING EARNINGS EQUATIONS

A simple decomposition method using an earnings equation is proposed by synthesizing two decomposition methodologies, those of Juhn, Murphy, and Pierce (1993) and Fields (2003), in order to study changes in earnings inequality in America during the last three decades in the 20th century. The proposed method enables us to compute both aggregate and detailed decompositions of changes in earnings inequality. The decomposition of earnings inequality change during the last three decades in 20th century shows that the increase in earnings inequality in America was caused by changes in the wage structure and the distribution of unobservables. The premium to education contributes substantially to the widening of earnings inequality during the 1980s and 1990s. A decreasing male wage premium contributes to leveling earnings inequality.     

Migrants as second-class workers in urban China? A decomposition analysis

In urban China, urban resident annual earnings are 1.3 times larger than long-term rural migrant earnings as observed in a nationally representative sample in 2002. Using microsimulation, we decompose this difference into four sources, with particular attention to path-dependence and statistical distribution of the estimated effects: (1) different allocation to sectors that pay different wages (sectoral effect); (2) hourly wage disparities across the two populations within sectors (wage effect); (3) different working times within sectors (working time effect); and (4) different population structures (population effect). Although sector allocation is extremely contrasted, with very few migrants in the public sector and very few urban residents working as self-employed, this has no clear impact on earnings differentials, because the sectoral effect is not robust to the path followed for the decomposition. The second main finding is that the population effect is robust and significantly more important than wage or working time effects. This implies that the main source of disparity between the two populations is pre-market (education opportunities) rather than on-market.     

税负抑制了公司投资吗?——基于国有股权私有收益的解释

文章分析了税负对公司投资决策的影响.与民营控股股东不同,作为国有企业的最终股东,政府不仅可以获得与股权投资相关的收益,而且可以获得独占性的税收,独占性的税收收入越高,政府控股的私有收益越大.因此,国有企业在投资决策时不仅考虑税后现金流量,而且会关注相关的预期税负,这提高了国有企业的投资?预期税负敏感性;政府对税收的需求越大,国有企业的投资?预期税负敏感性越高.实证结果表明:(1)与民营控股上市公司相比,国有控股上市公司的投资与预期税负之间的负相关关系更弱;(2)随着注册地基础设施投资回报率的增加,国有控股上市公司的投资与预期税负之间的负相关性显著下降.因此,最大化税收收入也是国有企业投资决策的重要考虑因素.文章为我国股权结构在公司财务决策中的作用提供了新的研究视角.     

所有权性质、商业信用与信贷资源配置效率

商业信用的再分配理论认为,易于获得银行信用的企业会将这些信用以商业信用的形式再分配给难以获得银行信用的下游企业。本文以2004～2007年中国工业企业数据库为样本,检验国有企业和私有企业的信用再分配功能,结果发现,尽管国有企业获得的银行信用显著多于私有企业,但提供的商业信用净额却显著少于私有企业。而且,国有企业获得的银行信用与提供的商业信用不相关,而私有企业获得的银行信用与提供的商业信用显著正相关。这些结果说明,国有企业获得更多的银行信用但并没有发挥信用再分配功能,而私有企业尽管只获得少量的银行信用却较好地发挥了信用再分配功能。这些结果意味着,如果银行体系适当增加对私有企业的信用配置,同时减少对国有企业的信用配置,可以充分发挥私有企业的信用再分配功能,提高银行体系的资源配置效率。     

我国西部地区的国企改制困境:一个文献综述

本文针对我国西部欠发达地区目前的国企改制困境问题,对国内外相关文献进行了综述分析,发现造成我国西部国企改制困境的原因中既有"外生"的因素,也有"内生"的因素.西部地区不利的自然禀赋、不合理的产业结构以及中央逆市场调控的政策等,造成西部市场机制发育迟缓,仅靠市场的力量无法消化国企改制的成本;而我国转轨时期特定的体制结构使得政府在国企改制成本支付过程中充满了机会主义行为.针对这种情况本文提出了相应的政策建议.     

Changes in Job Structure and Rising Wage Inequality in Urban China, 1995-2007

We use household surveys from 1995, 2002, and 2007 to examine how changes in job structure contributed to China’s rising urban wage inequality, considering three job characteristics: occupation, industry, and firm ownership. The explanatory power of job structure for wage inequality increased between 1995 and 2007. Both the change in relative number of jobs (composition effect) and the change in between-job and within-job wage gaps (price effect) contributed to rising wage inequality. Price effect was the major contributor, whereas composition effect played a larger role in the 1995–2002 period than in the 2002–2007 period, and at the lower-half distribution. Between-job inequality played a major role in the first period, and within-job inequality played a major role in the second period. Our results suggest that both technological change and institutional features influence job structure and wage inequality.     

Do political connections decrease the accuracy of stock analysts' recommendations in the Chinese stock market?

This paper studies the association between the accuracy of analysts' recommendations and political connections in the Chinese stock market. As most brokerage firms in China are state-owned, it raises concerns about conflicts of interest among their employed analysts issuing recommendations for Chinese state-owned enterprises. Based on 8469 analysts' recommendations with different ratings for both state-owned and non-state-owned enterprises from 74 brokerage firms, we document that analysts' recommendations are less accurate for Chinese state-owned enterprises, which supports the hypothesis that conflicts of interest create recommendation biases. Political connections encourage analysts to be more optimistic on SOEs and even to generate misleading “Buy” and “Hold” recommendations. Our results demonstrate the existence of an optimism bias among politically connected analysts on state-owned enterprises in China.     

国有企业双重效率损失研究

本文基于企业效率最大化要求剩余索取权与剩余控制权相对应这一企业理论分析了国有企业的生产效率损失和创新效率损失问题。国有企业的公有产权属性决定了国有企业中存在着生产效率和创新效率的双重损失。国有企业改革通过监督和激励机制设计在一定程度上实现了生产中的剩余索取权与剩余控制权的匹配,从而提高了国有企业的生产效率。然而,由于创新具有不同于一般生产的特殊属性,已有国有企业改革措施并不能实现创新中的剩余索取权与剩余控制权的匹配,因而无法改善国有企业的创新效率。由此,本文提出了国有企业的创新效率损失大于生产效率损失的理论假说。基于中国省级国有企业和民营企业的工业行业数据,统计分析和计量模型估计结果都稳健地支持了该假说。     

Rural–urban human capital disparity and skilled–unskilled wage inequality in China

This paper builds three‐sector general equilibrium models to investigate how a shrink of rural–urban human capital disparity generates an impact on skilled–unskilled wage inequality in China. In the basic model where the urban skilled sector and the urban unskilled sector have no upstream and downstream linkage, we find that the wage inequality will be narrowed down if the urban skilled sector is more capital intensive than the urban unskilled sector. To capture the characteristic of China's state capitalism, we build an extended model where the urban skilled sector acts as an upstream industry for the urban unskilled sector, and find that the wage inequality will be reduced if the substitution elasticity of unskilled labor and intermediate product in the urban unskilled sector is large enough. When we consider the factual characteristics of the Chinese economy, our models predict that a shrink of rural–urban human capital disparity will be helpful to reduce the skilled–unskilled wage inequality in China.     

A new context for managing overseas direct investment by Chinese state-owned enterprises

Chinese state-owned enterprises (SOEs) and their overseas direct investment (ODI) have played an important role in China’s economic development. But the rapid expansion of SOE-dominated ODI has also raised concerns, including about state capitalism and the need for competitive neutrality. This paper considers China’s strategy for managing ODI by its SOEs given a changing context. On the one hand, the Chinese economy is rapidly growing and will soon become the largest economy in the world. China’s role in the world, as well as its global responsibility, is therefore changing. China needs to establish a win-win and harmonious relationship with the rest of the world, and ODI has a role to play in this. On the other hand, China’s growth model is shifting to become greener, more balanced, and innovation-driven. China’s changing international role and the changing growth model have created new imperatives for, and constraints on, ODI by SOEs and reforms to SOEs. This paper aims to examine ODI by Chinese SOEs from the two dimensions of China’s changing role and growth model. It discusses strategies for better managing ODI by Chinese SOEs in the new context that is emerging.     

同乡关系在晋升中会起作用吗?--基于省属国有企业负责人的实证检验

在中国公司治理由行政型向经济型转型的背景下,国企“高管任免行政化”特征难以忽视。文章手工整理了2004－2014年省属国企负责人(董事长和总经理)的籍贯信息及离任去向与升降数据,利用籍贯信息判断其与省委书记、组织部长的同乡关系,首次探究了同乡关系对省属国企负责人晋升概率的影响。研究发现,(与省委书记、组织部长的)同乡关系对省属国企负责人的晋升概率具有正向影响,这种正向影响在有政治关联的省属国企负责人样本中更加明显。文章进一步以地方党委领导体制的“一正两副”模式推行作为外生事件,检验了在“减副”前后,与组织部长的同乡关系对省属国企负责人晋升概率的正向影响是否存在差异。结果显示,与组织部长存在同乡关系的省属国企负责人在“减副”后具有更高的晋升概率,这进一步验证了文章假设的合理性。     

金融发展与地区实体经济资本配置效率-来自省级工业行业数据的证据

职位隔离是形成性别收入差距的重要机制.本文构建一个引入了职位晋升机制的收入差距分解方法,利用2006年中国综合社会调查数据,考察了职位隔离对性别收入差距的作用,且在统一的模型框架内识别和估计了职位内工资歧视(同工不同酬)和晋升歧视的程度.研究结果发现,女性过多地集中于职位"金字塔"结构的底层.尽管职位晋升的工资效应不存在显著的性别差异,但约41%的性别收入差距是由于职位隔离导致的.工资歧视是职位层级内部性别收入差距的主要来源.与之类似,职位晋升歧视能够解释1/4的性别收入差距.因此,除了同工同酬政策,促进职位晋升的机会平等是缩小性别收入差距的重要措施,意即"同酬"还需"同工".