政策协同视角下的中央企业重组与国有资本配置效率*

基于深化国企改革的政策协同视角，本文系统地考察了中央企业重组对国有资本配置效率的影响及作用机制。研究发现，中央企业重组能够长期性地改善国有资本效益，并且这一结果在不同重组方式下存在差异。机制检验表明，中央企业重组是通过降低成本、提高效率而非加剧市场垄断来提高国有资本效益的。进一步检验表明，深化国企改革，尤其是国有企业分类改革和改组组建国有资本投资、运营公司试点能够对中央企业重组起到政策协同效应。最后，中央企业重组还能够通过退市清算、产权转让等形式促使国有资本淘汰落后产能、化解过剩产能，同时布局重要行业并聚焦主业。本文的研究结论不仅及时回应了国企重组特别是央企重组效果及必要性的重要关切，而且为深入推进国企改革提供了有益启示。

THE RESTRUCTURING OF CENTRAL STATE OWNED ENTERPRISES AND THE ALLOCATIVE EFFICIENCY OF STATE OWNED CAPITAL FROM THE PERSPECTIVE OF POLICY SYNERGY

Based on the perspective of policy synergy of deepening the reform of SOEs，this paper systematically investigates the impact and mechanism of the restructuring of central SOEs on the allocative efficiency of state owned capitalIt is found that the restructuring of central SOEs can improve the performance of state owned capital，which lasts for a long timeAnd this result also depends on the restructuring methodsThe mechanism tests indicate that the restructuring of central SOEs improves the performance of state owned capital by reducing costs and improving efficiency rather than intensifying market monopolyFurther tests indicate that deepening the reform of SOEs，especially the classified reform of SOEs and the pilot of establishing state owned capital investment and operation companies，can generate a policy synergistic effect on the restructuring of central SOEsFinally，the restructuring of central SOEs can also promote state owned capital to eliminate backward and excess production capacity and devote resources to important industries and core businesses through liquidation，delisting and transfer of property rightsThis paper responds promptly to the important concerns about the effectiveness and necessity of the restructuring of SOEs，especially central SOEsMeanwhile，it provides useful enlightenments for further promoting the reform of SOEs.