股份制改造對中國國有企業經營績效之影響

中華人民共和國建政之初，經濟發展十分落後。面對落後的經濟結構，中國仿效蘇聯經驗，利用高度集中的計畫管理體制，快速推動工業化、把大小企業收歸國營，直到1978年改革開放之前，國有經濟主導整個中國國民經濟的運作。本文關心的是，這三十年來，中國國有企業究竟改成什模樣？首先，探討三十多年來國有企業改革過程中的思路演變與其中歷經的爭論；其次，再以傳統OLS迴歸（Linear regression）與空間分析方法(Spatial analysis)，在控制企業內部因素、壟斷因素、交通因素、產業特性等變數後，檢視經過股份制改造的國有企業經營績效表現之影響。在探討國有企業改革的背景、步驟、歷史脈絡的過程中，中國的國有企業改革經驗充分顯示出其實用主義的特色。而根據本文實證結果顯示：在解釋變數方面，首先，國有企業的資本向外釋出比重愈多，對利潤率表現有顯著影響。其次，模型中的內資參股公司以及外資參股公司，該兩種類型之公司制企業利潤率表現比較好，其中又以外資參股公司表現最佳。在控制變數方面，影響國有企業利潤率表現，尚有企業內部因素的企業規模、資本密集度、負債比率以及出口比率。此外，壟斷確實是影響國有企業利潤率的重要因素，研究中壟斷因素的代表變數在迴歸模型中的表現也間接證明，國有企業應該退出一般競爭性產業中，才是對國有企業資源最有效的配置。

關鍵字

國有企業；經營績效；股份制改造；投資主體多元化；壟斷；空間分析；中國

並列摘要

At the beginning of the establishment of the People's Republic of China, its economy was very backward. To improve its moribund economy, China chose to follow the path of Soviet Union. The planned economy helped China promote industrialization quickly, at the same time destroyed free market capitalist economy. Before 1978, state-owned economy dominated the entire country. This thesis focuses on the outcome of China’s state-owned enterprises reform over the past three decades. First, the thesis explores the evolution of China's state-owned enterprises and the debate on reform ideology throughout the decades; Second, through linear regression, spatial analysis, and control of internal factors, monopoly factors, transport factors, industry characteristics and other variables, this thesis attempts to examine the impact of shareholding reform on the performance of China’s state-owned enterprises. The reform of state-owned enterprises in China demonstrates the characteristics of pragmatism. The empirical results reveal the following findings: first, the release of state capital has a significant impact on profitability; secondly, companies with foreign investments have higher profitability than other companies with various capital structures. The control variables that affect profitability include internal factors, firm size, capital intensity, debt ratio and export ratio. In addition, monopoly is another important factor affecting the profitability of state-owned enterprises. Monopoly factors in the regression model suggest that withdrawing from the competitive industry is the most effective allocation of resources for the state-owned enterprises.

並列關鍵字

State-owned enterprises ； Operating performance ； Shareholding reform ； Diversitication of inverstme subject ； Spatial analysis ； Monopoly ； China

參考文獻

杜巧霞（2010）〈中國的出口退稅與稅務補貼措施〉《經濟前瞻》，第130期，頁89-93。

陳寧馨、余玉春、張巧玲（2006）〈1990年代以來中國大陸工業國有企業負債比對企業利潤影響之探析〉，《東亞研究》，第37卷，第1期，頁87-132。

葉章美(1998)〈中共「十五大」後之國有企業改革〉，《中國大陸》，第41卷，第4期，頁2-16。

Eckaus, R.S. (2006) “China’s Export, Subsidies to State Owned Enterprises and the WTO,” China Economic Review 17, 1-13.

Gul, F. A. & Zhao, R. (2000) “Corporate Governance and Performance in Chinese Listed Companies,” Working paper, City University of Hong Kong, 1-16.

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股份制改造對中國國有企業經營績效之影響

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