产出效率视角下的国企债务规模:一个经验测算  

The Debt Scale of State-owned Enterprises from the Perspective of Output Efficiency

作　　者：李湛 方林肖 唐晋荣 Li Zhan;Fang Linxiao;Tang Jinrong

机构地区：[1]东莞理工学院经济与管理学院,广东东莞523808 [2]武汉大学经济与管理学院,湖北武汉430072 [3]中山证券有限责任公司,广东深圳518057

出　　处：《证券市场导报》2018年第12期16-24,共9页Securities Market Herald

基　　金：广东省自然科学基金重点项目"我国企业发债需求;金融契约选择和机制设计"(项目编号:2016A030311027);广东省哲学社会科学"十二五"规划2015年度一般项目"中国市政债产品创新;发行交易与监管机制研究"(项目编号:GD15CYJ01);2018年广东省自然科学基金项目"金融去杠杆背景下地方政府债券创新与风险管理研究"(项目编号:2018A030313039);广东省人文社科重点研究基地珠三角产业生态研究中心资助

摘　　要：本文从产出效率的视角初步分析了国企改革进程中减负债、去杠杆等问题,并对国有企业合理的债务规模和产出水平进行了经验测算。研究结果表明,相比于民营工业企业,国有工业企业的债务规模扩张明显,销售产值先增后降,产出效率始终偏低。从37个细分工业行业来看,国有企业的产出效率整体较差,且波动幅度较大。大部分行业的国有企业与民营企业之间存在着较大的产出效率差异,但个别行业有微弱的好转迹象。根据经验测算,整个工业部门,尤其是国有工业企业部门,其债务规模理应更小,或销售产值理应更高。本文提出,从产出效率的角度来看,部分行业很有必要引入民营企业的竞争以提升国企效率。This paper analyzes the problems of debt reduction and deleveraging in the process of state-owned enterprise reform from the perspective of output efficiency,and empirically calculates the reasonable debt scale and output level of state-owned enterprises.The research results show that compared with private industrial enterprises,the debt scale of state-owned industrial enterprises expands significantly,the sales output value increases first and then decreases,and the output efficiency is always low. From the perspective of 37subdivided industrial sectors,the output efficiency of state-owned enterprises is generally poor,and the fluctuation range is large.There is a large difference in output efficiency between state-owned enterprises and private enterprises in most industries,but there are slight signs of improvement in individual industries.According to empirical calculations,the entire industrial sector,especially the state-owned industrial enterprise sector,should have a smaller debt size or a higher sales output value.This paper argues that from the perspective of output efficiency,it is necessary for some industries to introduce competition from private enterprises to improve the efficiency of state-owned enterprises.

关 键 词：产出效率 国企改革 去杠杆 国企债务 民营企业 

分 类 号：F271[经济管理—企业管理]