扩大国资预算与企业保值增值:来自利润提取改革的证据  

State Capital Budget Expansion and SOEs’Value Enhancement:Evidence from A Profit Extraction Reform in China

作　　者：席鹏辉[1] 潘健平 张训常 Xi Penghui;Pan Jianping;Zhang Xunchang

机构地区：[1]中国社会科学院财经战略研究院 [2]东南大学经济管理学院,211189 [3]暨南大学经济学院

出　　处：《世界经济》2022年第10期107-129,共23页The Journal of World Economy

基　　金：国家自然科学基金项目(72273150、71902024);中国社会科学院青年科研启动项目(2022YQNQD035);东南大学“至善青年学者”支持计划的资助。

摘　　要：提高国有企业利润上缴比例是当前中国国资预算改革的基本方向,但这是否会影响国企保值增值,目前并没有直接和明确的计量证据,这一现状延缓了改革进程。为回答这一问题,本文检验了2007年以来历次中央企业利润提取改革的政策效应。结果表明,税后利润提取比例的提高虽然显著降低了国有控股企业的净利润规模,但机制检验表明企业盈利能力并没有受到影响,利润下降主要源于企业的真实盈余管理。本文对中国国资预算改革具有重要启示:一是国企利润上缴比例可以继续提高,以便继续扩大国资预算规模;二是应加强国企的业绩考核,做实利润提取比例的应有效应。Increasing SOEs’profit extraction ratio is the basic direction of China’s current state capital budget reform.However,there is currently no clear empirical evidence on whether this will impede SOEs’value enhancement and thus delay the reform process.To answer this question,we examine the impact of a series of profit extraction reforms of central SOEs that began in 2007.We find that profit extraction reforms reduce SOEs’profit scale.The mechanism test shows that SOEs’profitability is not significantly affected,while the decrease in profits is mainly due to SOEs’real earnings management.This work has important implications for the reform of China’s state capital budget.On the one hand,the ratio of profits turned over by SOEs can continue to be increased and,therefore,the scale of the state capital budget can be expanded.On the other hand,the strengthening of the performance evaluation of SOEs and the real effect of the actual profit extraction ratio must enter into force.

关 键 词：国有资本经营预算 利润提取比例 流动性危机 真实盈余管理 

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