国有资产增长状况研究——基于资产盈利与资产价格上涨的视角  

作　　者：傅春杨 陆江源 

机构地区：[1]中国社会科学院研究生院

出　　处：《企业经济》2018年第3期29-36,共8页Enterprise Economy

基　　金：国家社会科学基金重点课题"中国城市规模;空间聚集与管理模式研究"(项目编号:15AJL013);国家社科基金项目"新常态下我国经济增长转型与结构变迁研究"(项目编号:16CJL022)

摘　　要：党的十九大报告对于国有资产的管理和保值增值提出了具体的要求。本文分析了我国国有资产增长的现状,发现地方国有资产迅速增长的同时,其盈利能力却在不断下降,进而用资产价格膨胀和资产盈利性下降来解释这类地方国有资产增长的"悖论"。这说明地方国有企业面临地方政府拉动地方经济从而过度负债的压力,在混合所有制水平较低、市场监督较弱的情况下,容易采用资产价格膨胀的形式,来保证国有资产的增值;而这种情况在混合所有制改革进展较快的中央国有企业中则不常见。本文认为,面对地方国有资产膨胀、资产盈利水平下降的问题,应该采取加强垂直监管、完善考核机制、严控负债风险、推动地方混改、增强信息披露五个措施来完善国有资产监督管理。The repor t of the 19 th National Congress of the Communist Party of China put forward the specific requirements on the management and maintenance and appreciation of state-owned assets. This paper analyzed the status quo of the state-owned property growth in China. It is found that the local state-owned property is rapidly growing while the profitability is declining. Then we explained this paradox by asset price inflation and profitability decline. This shows that the local SOEs face the pressure of local governments on economic growth, and they would be in excessive debt. In the situation of low level of mixed ownership and weak market supervision, they would prefer to take asset price inflation to keep augmentation on state property. This phenomenon was rare among the central SOEs whose mixed ownership was advancing. We thought that the problems of asset price inflation and profitability decline should be settled down by five methods： enforcing vertical regulation, improving assessment mechanism, controlling tightly the debt risks, pushing reforms on mixed ownership, and enhancing information disclosure.

关 键 词：国有资产 资产价格 混合所有制 

分 类 号：F123.7[经济管理—世界经济]