企业改制模式和改制绩效——基于企业数据调查的经验分析

本文以上世纪90年代后半期的企业调查数据为基础,通过建立经济计量模型来研究公有企业的改制绩效,通过相应的技术处理消除企业的各种先天因素或改制前固有的优势,试图测试改制是否能够确实激发出显著的效率效应。分析发现,向私有产权方向改制的企业效率得到显著提高;不同的改制模式是改制绩效的重要决定因素,经营者持大股从效率上来讲是最优的改制方式,而平均分配的股份合作制的改制方式则具有较差的业绩效果。我们还讨论了其原因,以及为什么中国现阶段特定制度环境下最优的公司治理结构是大股东控股。我们认为给定当前制度背景下,最佳的改革方案之一是股权向经营者集中,股权合理定价。因为只有市场的初次分配是有效率的,才能得到收入再分配的源泉。在此基础上,国家可通过各种税收设计,进行较为公平合理的收入再分配。

The Gaizhi Models and Gaizhi Performance in Chinese Transition An Empirical Studies on the Firm Survey Data

Based on the survey data of later half period of 1990's,this paper studies the impact of privatization on firm performance. We find that privatized firms have higher efficiency than those of public firms. Difference types of privatization and their resulting ownership structures influence firm performance most. Specifically, privatization to insider managers is the most efficient, while privatized to insider workers is the least. We further discuss why block holder is the most suitable governance structure given China's current institutional environment. Although we do not discuss the distributive effect of privatization to insider managers, we hold that in current China the government should price the assets more honestly and tax those rich for distributive purposes instead of distributing shares evenly to insider workers.