国有企业的外部监管效应研究被引量：8

Research on the Effect of External Regulation on State-owned Enterprises

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摘要本文利用2001—2013年的中国工业企业数据,采用双重差分的方法,以国资委成立为政策冲击,系统地评估了国有企业监管改革对国有企业的静态效应和动态效应。研究结果表明:国有企业监管改革可以提高企业销售利润率、管理能力和劳动生产率这些政策敏感变量,从而提升国有企业的利润,但监管改革降低了国有企业的资产流动性,使得国有企业的资产利润率下降,资本效率并未得到改善,并且国有企业的资产周转率和资产利润率对国有企业监管改革的反应存在着较长的时滞性。进一步探究发现,国资委的监管改革对不同绩效的国有企业的影响存在异质性,对利润极低的国有企业有负面效用,对利润较低的国有企业有一个较高的积极影响,并且该效应会随着绩效的增加逐渐下降。因此,对绩效极低的国有企业应予以一定扶持,对绩效较高的国有企业适当调整监管措施,以改善整体的监管效应,进而提升国有企业的绩效和资本效率。 This paper uses the data of Chinese industrial enterprises from 2001 to 2013,adopts the method of difference-in-differences and takes the establishment of State-owned Assets Supervision and Administration Commission(SASAC)as a policy shock to assess the static and dynamic effects of regulation on the SOEs.It turns out that the reform of regulation increases the return of SOEs by influencing the policy-sensitive variables,such as net profit margin,management capacity and labor productivity.However,during the supervision,the capital mobility of SOEs will decline,which will reduce the capital profit rate of SOEs and decrease their relative performance.The response of turnover rate and profit rate to regulatory reforms has time lag.Further research finds that the impact of SASAC’s regulatory reform on the SOEs is heterogeneous in terms of performance.There exists a negative effect on the SOEs with extremely low profits and a positive impact on the SOEs with low profits.The effect will gradually decrease as the performance improves.Therefore,we should support the SOEs with extremely low performance,appropriately change the regulatory measures for high-performed ones to improve the overall regulatory effect and the performance and capital efficiency of SOEs.

作者胡磊李震林张强 Hu Lei;Li Zhenlin;Zhang Qiang(College of Finance and Statistics,Hunan University)

机构地区湖南大学金融与统计学院

出处《经济评论》 CSSCI 北大核心 2020年第3期118-130,共13页 Economic Review

基金国家自然科学基金国际合作与交流项目“中国非正规金融的风险、潜力与变革”(项目编号:751224023) 企事业单位委托项目“关于国有投融资企业的战略发展及适度监管研究”(项目编号:900224109)的资助

关键词国有企业监管企业绩效双重差分动态效应异质性 Regulation on SOEs Enterprise Performance Difference-in-differences Dynamic Effect Heterogeneity

分类号 F276.1 [经济管理—企业管理] F425 [经济管理—产业经济]

作者简介胡磊,湖南大学金融与统计学院,邮政编码:410006,电子信箱:xiangfulu@163.com;通讯作者:李震林,湖南大学金融与统计学院,邮政编码:410006,电子信箱:zhenlinlee@hnu.edu.cn;张强,湖南大学金融与统计学院,邮政编码:410006,电子信箱:qiangz@hnu.edu.cn。