国资预算对国有企业去产能体制性障碍的弥合效应分析
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摘要
供给侧结构性改革是当前及未来中国经济发展的重要政策,"去产能"是供给侧结构性改革的首要任务。供给侧改革与国有企业改革具有内在契合性,国有企业过剩产能的退出是"去产能"的关键所在,但国有企业过剩产能的退出具有体制性障碍。文章对工业行业的面板数据进行实证分析,结果显示预算软约束,国有企业高额的退出成本是国有企业过剩产能退出的体制性障碍。国有资本经营预算制度对国有企业去产能体制性障碍具有弥合效应,可以抑制国有企业资本扩张,利于国有企业过剩产能的退出。
Supply-side structural reform is an stategy strategic assumption for China's economic development at present and in the future,and"cut overcapacity"is the primary task of supply-side structural reform.The exit of overcapacity in the state-owned enterprise is the key to cutting overcapacity,but the exit of the excess capacity of state-owned enterprises has the institutional barriers.This paper makes the empirical analysis based on the industry's panel data.The result shows that the soft budget constraint and the high withdrawal cost are the institutional barriers of excess capacity of state-owned enterprises to exit.Based on the empirical analysis,this paper probes into the effect of state capital management budget system on bridge the institutional barriers.
Supply-side structural reform is an stategy strategic assumption for China's economic development at present and in the future,and"cut overcapacity"is the primary task of supply-side structural reform.The exit of overcapacity in the state-owned enterprise is the key to cutting overcapacity,but the exit of the excess capacity of state-owned enterprises has the institutional barriers.This paper makes the empirical analysis based on the industry's panel data.The result shows that the soft budget constraint and the high withdrawal cost are the institutional barriers of excess capacity of state-owned enterprises to exit.Based on the empirical analysis,this paper probes into the effect of state capital management budget system on bridge the institutional barriers.
引文
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[3] Audretsch D B,Mahmood T.The rate of hazard confronting new firms and plants in U.S.manufacturing[J].Review of Industrial Organization,1994(9):55-59.
[4] Mayer W J,Chappell W F.Determinants of entry and exit:an application of the compounded bivariate poisson distribution to U.S.industries,1972-1977[J].Southern Economic Journal,1992(3):36-42.
[5]耿强,江飞涛,傅坦.政策性补贴、产能过剩与中国的经济波动[J].中国工业经济,2011(5):27-36.
[6]江飞涛,耿强,吕大国,等.地区竞争、体制扭曲与产能过剩的形成机理[J].中国工业经济,2012(6):44-56.
[7]余东华,吕逸楠.政府不当干预与战略性新兴产业产能过剩[J].中国工业经济,2015(10):53-68.
[8]江飞涛,曹建海.市场失灵还是体制扭曲——重复建设形成机理研究中的争论、缺陷与新进展[J].中国工业经济,2009(1):53-64.
[9]冯俏彬,贾康.投资决策、价格信号与制度供给:观察体制性产能过剩[J].改革,2014(1):17-24.
[10]程娜,资源型国有企业摆脱转型困境的路径选择[J].经济纵横,2017(6):46-52.
[11]马光远.从需求到供给——中国经济思路之变[N].中国联合商报.2015-11-23(5).
[12]张文魁.国企改革才是货真价实的供给侧改革[J].经济界,2016(3):10-12.
[13]李锦.“国企改革”与“供给侧改革”的同一性与互补性[N].企业家日报.2015-11-29(2).
[14]张建华,王君彩.国企分红、国企绩效与过度投资:实证检验——基于国有资本金预算新政前后的对比分析[J].中央财经大学学报,2011(8):66-69.
[15]王佳杰,童锦治,李星.国企分红、过度投资与国有资本经营预算制度的有效性[J].经济学动态,2014(8):70-77.
[16]陈艳利,迟怡君.央企投资效率与资本运营:由国有资本经营预算观察[J].改革,2015(10):41-50.
[17]田利辉.杠杆治理、预算软约束和中国上市公司绩效[J].经济学(季刊),2004(1):15-26.
[18]连玉君,程建.不同成长机会下资本结构与经营绩效之关系研究[J].当代经济科学,2006(2):97-103,+128.