转轨经济中的企业所有权与竞争--基于中国机械产业上市公司数据的经验研究

依据中国机械产业上市公司1999-2002年的有关数据,运用计量经济学方法考察了产权、竞争与企业绩效之间的关系。研究表明:在转轨经济中,股权结构和市场竞争都是影响公司绩效的重要因素,而且产权与市场竞争的相对重要性是“状态依存”型的。在转轨的初期和中期,产权改革似乎更重要,而在转轨的后期,建立和维护有效的市场竞争秩序则变得更为重要了。

Firm Ownership and Competition in Economic Transition--An Empirical Study Based on the Data of Listed Companies of Chinese Machinery Industry

Using the data of the listed companies of China Machinery Industry during the period 1999-2002, this paper analyzes the relationship between firm ownership, market competition and firm performance with the econometric method. The results show that ownership structure and market competition are both the important factors affecting company performance in Chinese economic transition, and that the relative importance of ownership and market competition is depend-on-state. Reforming ownership is more important than market competition in earlier stage of Chinese economic transition, and establishing and keeping effective market competition order become more important in later period of economic transition.