混合所有制企业的产能选择与国有股最优比例——基于产能决策主体的视角  

Capacity Choice of Mixed Ownership Firms and Optimal State-Owned Shares——Based on the Perspective of Capacity Decision-maker

作　　者：陈晓珊 Xiaoshan Chen

机构地区：[1]广东财经大学会计学院,广东省广州市510320

出　　处：《产业经济评论（山东）》2020年第3期23-42,共20页Review of Industrial Economics

基　　金：广州市社科规划共建项目“粤港澳大湾区建设背景下金融科技创新推动广州制造业智能化转型升级研究”(2020GZGJ117)

摘　　要：在混合所有制改革与化解产能过剩的背景下,对企业产能水平的决策主体及混合所有制企业的国有股比例进行研究,可以提高改革路径的导向性和改革方案的精准性。本文构建混合寡占模型对比分析了由政府同时决定混合所有制企业和民营企业的产能水平、民营企业自主决定其产能水平两种情形下的结果。研究表明:(1)国有产权并不是产能过剩的根本原因,存在一个最优的国有股比例使得混合所有制企业实现产能与产量相等的均衡状态,并且该最优比例仅取决于产品替代性;(2)民营企业始终存在产能过剩,相较于由民营企业自主决定产能水平的情形,在由政府确定民营企业的产能水平的情形下,民营企业产能过剩幅度更大。本文的研究结论一方面综合了"市场失灵论"和"体制扭曲论"两种观点,佐证了产能过剩的形成机理并不是单方面的因素,要消除产能过剩需要同时强化政府、市场、企业等多方面的综合调节力量;另一方面对后续关于民营企业产能过剩模型的合理性设定亦存在一定的启示意义。Under the background of mixed ownership reform and overcapacity resolving,studying on the capacity decision-maker and state-owned shares of mixed ownership firms can improve the orientation of the reform path and the accuracy of the reform plan.This paper constructs a hybrid oligopoly model and compares the results of the government’s simultaneous decision on the production capacity of mixed-ownership enterprises and private enterprises,and the independent decision-making capability of private enterprises.Research shows that:(1)State-owned shares are not the root cause of excess production capacity,and there exists an optimal state-owned share ratio that allowing mixed-owned enterprises to achieve an equal balance between production capacity and output.Besides,the optimal ratio depends only on product substitution;(2)Private enterprises always have excess capacity.Compared to the case where private enterprises independently determine the capacity level,they have a larger excess capacity under the case that the government determines capacity level.On the one hand,conclusions of this paper combine two viewpoints of"market failure theory"and"system distortion theory",which proves that the formation mechanism of excess capacity is not a unilateral factor.It is necessary to eliminate excess production capacity while strengthening comprehensive forces from the government,market,and enterprises;on the other hand,there is also some enlightenment significance for the follow-up on the rationality of the overcapacity model setting of private enterprises.

关 键 词：国有股比例 产能选择 混合所有制改革 混合寡占模型 产能决策主体 

分 类 号：F276.1[经济管理—企业管理] F271[经济管理—国民经济]