重资产配置与国有企业效率——兼议混合所有制改革中的价值网优化  

THE ASSET-HEAVY STRATEGY AND THE EFFICIENCY OF STATE OWNED ENTERPRISE——The Perspective of Value Network in the Reform of Mixed Ownership

作　　者：谢莉娟[1] 王诗桪 张昊[2] XIE Li-juan;WANG Shi-xun;ZHANG Hao(School of Business,Renmin University of China;National Academy of Economics Strategy,CASS)

机构地区：[1]中国人民大学商学院,邮政编码100872 [2]中国社会科学院财经战略研究院

出　　处：《经济理论与经济管理》2019年第2期15-33,共19页Economic Theory and Business Management

基　　金：国家社会科学基金项目(17BJY226)的资助

摘　　要：在全面深化经济体制改革的过程中,国有企业改革一直处于核心环节。此前的研究主要关注了国有资本的"进退"或"比例"对企业效率的影响,本文则从异质性资源的角度分析了国有企业的重资产配置带来的效率差异。本文基于动态博弈模型提出基本命题并进行实证检验,得出以下主要结论:第一,国有企业较之非国有企业具有更高比例的重资产配置;第二,当重资产配置对非国有企业的效率产生负向拖累时,改由国有企业承担有助于减少其不利影响;第三,在混合所有制中,随着非国有资本介入程度的减弱,重资产配置效率得到加强。本文的研究启示在于,对于业已形成重资产配置特征的国有企业而言,轻资产转型并不是其改革的必然方向,应当从异质性资源角度审慎定夺,利用异质性资源循序渐进地提升效率。在混合所有制改革中,非国有资本和国有资本可在轻资产和重资产中实现优势互补,提升价值网络整体的绩效水平。同时,当国有企业的决策目标中社会福利的权重相对减少、企业利润的权重相对增加时,国有企业才可能降低重资产配置倾向,并提高轻资产配置效率。In the process of deepening the reform of the economic system,the state owned enterprise (SOE)is one of the key points.The former literatures focus on the investment or withdraw of the state capital and its influence on the efficiency.This paper analyzes the effect of asset-heavy strategy of SOEs on the perspective of the heterogenic resource.Through the mixed oligopoly model and several empirical strategy,this paper highlight that the SOE is more likely to perform the asset-heavy strategy and if such strategy is a burden on efficiency the SOE will decrease the negative effect.This effect is more significant and prominent in the state owned absolute holding enterprise than in the state owned relative holding enterprise.The policy implications include that the SOEs should not turn to the light--asset operation arbitrarily but should carefully decide from the perspective of heterogeneous resources.The SOEs can take advantage of heterogeneous resources to gradually improve efficiency.This paper also suggests that in the reform of mixed ownership,the state capital and non-state capital can take advantage of the heavy asset and light asset respectively to achieve the complementation and efficiency of the both.And if the SOE strengthen its profit chasing motivation the asset-light strategy will appeal to it.

关 键 词：重资产配置 国有企业效率 混合所有制 价值网络 

分 类 号：F276.1[经济管理—企业管理] F275[经济管理—国民经济]