国有股权治理与经营绩效

最近有关民营与国营企业的治理效率的讨论异常激烈,但较多的争论都是采用规范研究或者案例分析的方法,而国内较多的经济学者较早时候采用实证研究方法得出的结论大都为民营企业治理效率高于国有企业,本文采用中国证券市场运作相对成熟的1999-2003五年间的数据进行实证研究,对国有控股与非国有控股进行实证分析,得出的结论为国有控股企业平均业绩高于民营企业。这里当然有国有上市公司中一部分垄断性企业获取了垄断收益的影响,但是国有上市公司近年来不断提高业绩以及民营企业最近借壳上市后导致上市公司形成巨大亏损的事实都与本文的结论暗合。

The Enterprise Performance and State-owned Share

The discussion about the governance efficiency of state-owned enterprise and private enterprise is very hot. However, the research methods of these authors are not empirical research but normative research or case study. The conclusion drawn with empirical research about this object in the earlier period is always that the governance efficiency of private enterprise is better than that of state-owned enterprise. In this paper we will discuss this object with the data from 1999 to 2003 which is the relative mature stage of Chinese capital market. We study the relation between the state-owned share and the performance, and the private share and the performance. We also study the relation between ownership concentration of state-owned share or private share and enterprise performance. The conclusion we got is the average performance of state-owned enterprise is better than that of private enterprise and the ownership concentration has no correlation with enterprise performance. Of course the monopoly of some state-owned enterprise exert some effect on the conclusion. But it is consistent with our conclusion that the state-owned enterprise continuously improve their performance and private owned listed companies suffer big loss which are bought from state owner in the past two years.