国有资本应该退出竞争性领域吗——基于行业比较与批发业效率机制的分析  

Should State-owned Enterprises Quit from Competitive Fields?——Based on Cross-industry Comparison and Analysis on Efficiency Mechanism of Wholesaling Industry

作　　者：谢莉娟[1] 王诗桪 

机构地区：[1]中国人民大学商学院

出　　处：《财贸经济》2016年第2期127-144,共18页Finance & Trade Economics

基　　金：中国人民大学科学研究基金(研究品牌计划)资助项目"国内贸易活动的基础理论综合与研究方法创新"(13XNI009)

摘　　要：截至目前,绝大多数的经济学文献仍然集中于国有企业缺乏微观效率这一研究共识。而在近期研究中,对国有企业微观效率的肯定论调开始明显增多,但现有的经验研究多以工业数据为分析样本。在纳入流通业样本并在工业、流通业中展开跨行业比较的视角下,本文对国有企业的微观效率展开了多角度的实证评判。通过综合分析主要财务指标,以及应用DEA-Malmquist指数进行全要素生产率的比较测度,本文发现,国有企业在整体上并不具有效率劣势,其效率优势在流通业领域相比在工业领域表现得更为明显,而批发业中国有资本的高占比与高效率并存的现象尤其值得关注。本文进而以案例分析法揭示了国有批发企业的重资产运营与其盈利追赶过程之间的正向关联。研究启示在于,国有资本的进退决策需要结合行业特征进行审慎权衡。在国有资本相对具有更高效率的批发流通领域,可以通过"增资扩容"来放大国有资本的功能,不宜轻易做出国有资本应加快退出的论断,也不宜过度追求轻资产运营的财务目标。So far, most literatures have drawn the conclusion that the State-owned Enterprises（SOEs） lack micro-efficiency, but some latest empirical studies recognize the efficiency of the SOEs. Almost all the related studies, however, are based on the sample data from manufacturing industry. From the perspective of cross- industry comparison and using data collected from not only manufacturing industry but also wholesale and retail industries, this paper provides new empirical evidence on the efficiency of China＇s SOEs. Based on analysis of financial indexes and the DEA-Malmquist index, the empirical results show that, the SOEs have relatively high efficiency as a whole while being more efficient in wholesale and retail industry than in manufacturing industry. Meanwhile, compared with the retailers, the state-owned wholesalers have both high efficiency and high proportion of state-owned assets. The paper then reveals how and why the ＂heavy assets operating＂ impose positive influence on the efficiency of the state-owned wholesalers by multi-case studies. The implication is that whether the SOEs should quit from the competitive fields should be distinguished between industries by making prudent trade-offs. In the wholesale industry in which the SOEs have higher efficiency, more attention should be paid to enlarge the function of state-owned capitals as well as avoiding excessive pursuit of financial goals aiming at light assets operating.

关 键 词：国有批发业 全要素生产率 效率机制 DEA-MALMQUIST指数 多案例分析 

分 类 号：F276.1[经济管理—企业管理]