生产效率、创新效率与国企改革——微观企业数据的经验分析

运用差分法研究思路,本文考察了中国国有企业改革对生产效率和创新效率的影响。在确定1027家改革企业和1367家改制企业以后,研究结果表明:在控制企业规模、市场竞争、贸易开放、技术溢出、行业、地区、经营年限等因素后,将国有企业改革为国有资本仍占主体的国有性质企业是有利于提高生产效率而非创新效率的;相反,将国有企业改制成非国有企业不仅有利于提高生产效率,而且有助于提升创新效率。这一结论在区分样本企业的资本和劳动密集型行业特征以及所属的东中西部区域特征都较为稳健。本文结论表明,实现长期的股权激励改革方案应该成为未来国企改革的一个方向。

Productive and Innovative Efficiency in State-owned Enterprises Reform: Based on China's Manufacturing Firm-level Data Analysis

Using China’s firm-level data in 1998—2007,this paper examines the productive efficiency and innovative efficiency of state-owned enterprises reform.Firstly,we select 1027 reformed firms and 1367 restructured firms.Then controlling for firm size,market competition,trade,technology spillover,industry,established time and geographic location,there are some proofs to prove that the reform can cause firms’ productive efficiency to increase,but can not improve innovative efficiency.If the state-owned enterprises reformed private firms,this will improve both productive and innovative efficiency.The results are robust in both industrial and regional regression analysis.So,the long-term equity incentive programs will be new direction if China’s state-owned enterprises reform.