“政资分开”能改善国有企业投资效率吗?  

Can"government-capital separation"improve investment efficiency in state-owned enterprises?

作　　者：张训常 刘晔[2] 周颖刚[3] ZHANG Xun-chang;LIU Ye;ZHOU Ying-gang(College of Economics,Jinan University,Guangzhou 510632,China;The School of Economics,Xiamen University,Xiamen 361005,China;Center for Macroeconomic Research and Department of Finance at School of Economics,The Wang Yanan Institute for Studies in Economics,Xiamen University,Xiamen 361005,China)

机构地区：[1]暨南大学经济学院,广州510632 [2]厦门大学经济学院,厦门361005 [3]厦门大学宏观经济研究中心、经济学院金融系与王亚南经济研究院,厦门361005

出　　处：《管理科学学报》2021年第4期1-18,共18页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(7187119,71988101);国家社会科学基金资助重大项目(18ZDA096,19ZDA060);教育部哲学社会科学研究重大课题攻关项目(18JZD043);教育部人文社会科学研究一般项目(18YJA790121).

摘　　要：我国新时代深化国有企业改革的重要方向是以管企业为主向以管资本为主转变,实现“政资分开”.本文选择实施国有资本经营预算制度作为促进“政资分开”的重要举措,发现其对国有企业的投资效率具有显著的正向影响,进一步分析表明,国有资本经营预算制度对投资过度的国有企业、高干预地区的国有企业,以及对具有较高程度预算软约束的国有企业的投资效率具有更大的改善作用,说明减少政府对国有企业的干预以及约束预算软约束下的投资过度行为是国有资本经营预算制度提升国有企业投资效率的重要作用机制.这些发现为深化国企改革,优化国有资本配置,及公有制和市场经济的兼容性提供了有力的经验证据.This paper takes the implementation of state-owned capital management budget system as a natural experiment to realize the“government-capital separation”,which is an important direction of deepening the reform of state-owned enterprises(SOEs)in the new era of socialism with Chinese characteristics.The paper finds strong evidence of positive impact of this capital management budget system on the investment efficiency of state-owned enterprises.Efficiency improvement is greater in those SOEs with overinvestment,greater soft budget constraints and in high-intervention area.Furthermore,efficiency has been improved through two mechanisms:Reducing the government*s intervention on SOEs and restricting the investment behavior under soft budget constraints.These findings offer strong implications for deepening the reform of SOEs,optimizing the allocation of state-owned capital,and enhance compatibility of public ownership and market economy.

关 键 词：政资分开 国有资本经营预算 国有企业 投资效率 

分 类 号：F812.2[经济管理—财政学]