企业产权性质变更与生产效率——基于微观实证和加总生产率分解的双重视角  

Property right changes and the production efficiency:A study based on the dual perspective of micro-empirical evidence and aggregate productivity decomposition

作　　者：郑冠群[1] 柴映 柴建[1] ZHENG Guanqun;CHAI Ying;CHAI Jian(School of Economics and Management,Xidian University,Xi’an 710126,China)

机构地区：[1]西安电子科技大学经济与管理学院,西安710126

出　　处：《系统工程理论与实践》2024年第6期1834-1852,共19页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(71803147,71903016)。

摘　　要：本文利用2004年至2022年沪深两市A股上市公司微观数据,就上市公司实际控制人产权性质变更特征、产权性质变更对企业个体生产效率的影响,及对部门加总生产效率的影响进行了系统的实证分析.研究发现:第一,20世纪90年代第一轮国企改制浪潮中普遍存在的“靓女先嫁”现象在2004至2022年间基本不复存在,国有资本控制民营上市公司也不存在明显的“择优而取”现象,参与改制的上市公司的生产率水平总体上低于其他同类属性的上市公司;第二,基于渐进双重差分的微观实证研究结果表明,无论是私有化改制还是国有化改制,上市公司实际控制人产权性质变更都有助于提升企业个体生产效率;第三,基于DOP框架的部门加总生产率分解结果显示,产权性质变更效应提升了国有和非国有部门的加总生产率,特别是对非国有部门加总生产率增长的贡献较大.总体而言,上市公司产权性质变更集中反映了“国资驰援”“让利于民”“民进国退”等混合所有制改革思路,释放出明显的改革红利.The paper employs microdata from A-share listed companies in the Shanghai and Shenzhen stock exchanges from 2004 to 2022 to carry out a systematic empirical analysis of the characteristics of actual controllers’property rights changes in listed companies,the impact of property rights changes on individual enterprise production efficiency,and their impact on sectoral total factor productivity.The research findings are as follows:1)The prevalent“beautiful brides marry first”phenomenon during the first wave of state-owned enterprise reforms in the 1990s essentially no longer exists from 2004 to 2022.There is also no significant“cherry-picking”phenomenon where state-owned capital controls private listed companies.The productivity level of listed companies participating in the reform is generally lower than that of other similar listed companies.2)The micro-empirical research results based on asymptotic DID models indicate that whether it is privatization or nationalization,the change in the property rights nature of the actual controllers of listed companies helps improve the individual production efficiency of enterprises.3)The sectoral total factor productivity decomposition results based on the DOP framework show that the effect of property rights changes has increased the total factor productivity of both state-owned and non-state-owned sectors,especially contributing more to the growth of total factor productivity in non-state-owned sectors.In summary,the changes in the nature of property rights of listed companies predominantly reflect the mixed ownership reform concepts of“state capital assistance”“concession to the people”,and“private sector advance and state sector retreat”,releasing significant reform dividends.

关 键 词：产权性质变更 全要素生产率 渐进性双重差分 DOP分解 

分 类 号：F421[经济管理—产业经济]