国有企业资本配置效率及其提升措施
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摘要
利用1998—2016年上市公司样本,按年度、行业、地区等分类统计企业资本配置效率,并实证检验。研究表明,国有企业资本配置效率近期改善明显,除建筑业、农业和文化体育娱乐业较非国有企业高外,其他行业较非国有企业显著偏低;东、中、西部地区之间无显著差异,但省域之间差异明显;随着国有股比率上升,资本配置效率先下降,达最低后快速上升。据此,提出优化国有经济布局、提升国有资本配置效率的建议。
All listed companies from 1998 to 2016 are selected as samples and statistics of capital allocation efficiency are classified according to different characteristics of the year, industry and region, and makes an empirical test. The research shows that the capital allocation efficiency of state-owned enterprises has improved significantly in recent years. In addition to the capital allocation efficiency of state-owned enterprises in construction industry, agriculture and cultural sports entertainment industry, the other industries are still significantly lower than other non-state-owned enterprises. Although there is no significant difference in the efficiency between east, middle and western regions, there is a significant difference between different provinces. The research also shows that, with the increase in the ratio of state-owned shares, the efficiency of the capital allocation is down first, reaching the lowest, and then rising rapidly. Finally, the guidance of optimizing the layout of the state-owned economy and improving the efficiency of the allocation of state-owned capital is put forward.
All listed companies from 1998 to 2016 are selected as samples and statistics of capital allocation efficiency are classified according to different characteristics of the year, industry and region, and makes an empirical test. The research shows that the capital allocation efficiency of state-owned enterprises has improved significantly in recent years. In addition to the capital allocation efficiency of state-owned enterprises in construction industry, agriculture and cultural sports entertainment industry, the other industries are still significantly lower than other non-state-owned enterprises. Although there is no significant difference in the efficiency between east, middle and western regions, there is a significant difference between different provinces. The research also shows that, with the increase in the ratio of state-owned shares, the efficiency of the capital allocation is down first, reaching the lowest, and then rising rapidly. Finally, the guidance of optimizing the layout of the state-owned economy and improving the efficiency of the allocation of state-owned capital is put forward.
引文
[1] 许开国.资本配置效率的地区差异及影响因素分析[J].山西财经大学学报,2009(2):34-39.
[2] 郑群峰.我国资本配置效率空间计量研究:基于投资主体结构变迁的视角[J].商业经济与管理,2010(3):64-71.
[3] WURGLER J.Financial markets and the allocation of capital[J].Journal of financial economics,2000,58(1/2):187-214.
[4] DURNEV A,LI K,MORCK R,et al.Capital markets and capital allocation implications for economics in transition[J].Economics of transition,2004,12(4):593-634.
[5] AGGARWAL R,ZONG S.The cash flow-investment relationship:international evidence of limited access to external finance[J].Journal of multinational financial management,2006,16(2):89-104.
[6] 曾五一,赵楠.中国区域资本配置效率及区域资本形成影响因素的实证分析[J].数量经济技术经济研究,2007(4):35-42.
[7] 潘约,王宇光,许婷.社会资本、政府干预与区域资本配置效率:来自省级工业行业数据的证据[J].审计与经济研究,2015(5):85-94.
[8] 周晓艳,高萌,贺文慧.金融发展、产业结构和地区资本配置效率[J].中央财经大学学报,2015(5):38-45.
[9] DURNEV A,MORCK R,YEUNG B,et al.Does greater firm-specific return variation mean more or less informed stock pricing?[J].Journal of accounting research,2003,42(5):797-836.
[10] DURNEV A,MORCK R,YEUNG B.Value enhancing captital budgeting and firm-specific stock return variation[J].Journal of finance,2004,59(1):65-105.
[11] FACCIO M.Politically connected firms[J].American economic review,2006,96(l):369-386.
[12] CLAESSENS S,LAEVEN L.Financial development,property right,and growth[J].Journal of finance,2003,58(6):2401-2436.
[13] MCLEAN R D,ZHANG T,ZHAO M.Why does the law matter?Investor protection and its effects on investment,finance,and growth[J].Journal of finance,2012,67(1):313-350.
[14] 杨继伟,聂顺江.股价信息含量与企业资本配置效率研究[J].管理科学,2010(6):81-90.
[15] 徐信忠,黄张凯,刘寅,等.大宗股权定价的实证检验[J].经济研究,2006(1):101-105.
[16] 郝颖,刘星,林朝南.上市公司大股东控制下的资本配置行为研究:基于控制权收益视角的实证分析[J].财经研究,2006(8):81-93.
[17] 许年行,吴世农.我国中小投资者法律保护影响股权集中度的变化吗?[J].经济学(季刊),2006(3):893-892.
[18] 王鹏.投资者保护、代理成本与公司绩效[J].经济研究,2008(2):68-82.
[19] 陈德球,李思飞,钟购咖.政府质量、投资与资本配置效率[J].世界经济,2012(3):89-110.
[20] LI H,MENG L,WANG Q.Political connections,financing and firm performance:evidence from Chinese private firms[J].Journal of development economics,2008,87(2):283-299.
[21] 冯天丽,井润田.制度环境与私营企业家政治联系意愿的实证研究[J].管理世界,2000(8):81-91.
[22] 曲三省.我国不同所有制经济资本配置效率差异分析[J].经济体制改革,2015(3):22-26.
(1)为减少极端值对计算配置效率的影响,先对固定资产增长率和主营业务利润增长率进行1%的缩尾处理。
(2)为更好地反映投资变化对投资机会的反应程度,将投资机会即主营业务收入增长率滞后一期。
(3)本处仅统计国有和非国有企业总样本量相对较大并超过100的行业;根据证监会的行业划分,剔除金融类后共18大类,具体如下:农、林、牧、渔业,采矿业,制造业,电力、热力、燃气及水生产和供应业,建筑业,批发和零售业,交通运输、仓储和邮政业,住宿和餐饮业,信息传输、软件和信息技术服务业,房地产业,租赁和商务服务业,科学研究和技术服务业,水利、环境和公共设施管理业,居民服务、修理和其他服务业,教育,卫生和社会工作,文化、体育和娱乐业,综合。
(4)为消除多重共线性,删除东部地区虚拟变量Dzx1(东部地区=1)。
(5)固定效应面板回归时地区虚拟变量因为多重共线性被自动删除,故采用混合回归方法。
(6)进行F检验及B-P检验,结果表明固定效应或随机效应优于混合回归(Pooled),而Hausman检验结果表明应采用固定效应模型。
(7)考虑到国有股比率可能对企业资本配置效率的影响是非线性的,而且可能是立方关系,将国有股比率三次项作为解释变量加入回归模型,进行固定效应面板回归,结果表明三次项对资本配置效率不产生显著影响,故未报告含国有股比率三次项的回归结果。
[2] 郑群峰.我国资本配置效率空间计量研究:基于投资主体结构变迁的视角[J].商业经济与管理,2010(3):64-71.
[3] WURGLER J.Financial markets and the allocation of capital[J].Journal of financial economics,2000,58(1/2):187-214.
[4] DURNEV A,LI K,MORCK R,et al.Capital markets and capital allocation implications for economics in transition[J].Economics of transition,2004,12(4):593-634.
[5] AGGARWAL R,ZONG S.The cash flow-investment relationship:international evidence of limited access to external finance[J].Journal of multinational financial management,2006,16(2):89-104.
[6] 曾五一,赵楠.中国区域资本配置效率及区域资本形成影响因素的实证分析[J].数量经济技术经济研究,2007(4):35-42.
[7] 潘约,王宇光,许婷.社会资本、政府干预与区域资本配置效率:来自省级工业行业数据的证据[J].审计与经济研究,2015(5):85-94.
[8] 周晓艳,高萌,贺文慧.金融发展、产业结构和地区资本配置效率[J].中央财经大学学报,2015(5):38-45.
[9] DURNEV A,MORCK R,YEUNG B,et al.Does greater firm-specific return variation mean more or less informed stock pricing?[J].Journal of accounting research,2003,42(5):797-836.
[10] DURNEV A,MORCK R,YEUNG B.Value enhancing captital budgeting and firm-specific stock return variation[J].Journal of finance,2004,59(1):65-105.
[11] FACCIO M.Politically connected firms[J].American economic review,2006,96(l):369-386.
[12] CLAESSENS S,LAEVEN L.Financial development,property right,and growth[J].Journal of finance,2003,58(6):2401-2436.
[13] MCLEAN R D,ZHANG T,ZHAO M.Why does the law matter?Investor protection and its effects on investment,finance,and growth[J].Journal of finance,2012,67(1):313-350.
[14] 杨继伟,聂顺江.股价信息含量与企业资本配置效率研究[J].管理科学,2010(6):81-90.
[15] 徐信忠,黄张凯,刘寅,等.大宗股权定价的实证检验[J].经济研究,2006(1):101-105.
[16] 郝颖,刘星,林朝南.上市公司大股东控制下的资本配置行为研究:基于控制权收益视角的实证分析[J].财经研究,2006(8):81-93.
[17] 许年行,吴世农.我国中小投资者法律保护影响股权集中度的变化吗?[J].经济学(季刊),2006(3):893-892.
[18] 王鹏.投资者保护、代理成本与公司绩效[J].经济研究,2008(2):68-82.
[19] 陈德球,李思飞,钟购咖.政府质量、投资与资本配置效率[J].世界经济,2012(3):89-110.
[20] LI H,MENG L,WANG Q.Political connections,financing and firm performance:evidence from Chinese private firms[J].Journal of development economics,2008,87(2):283-299.
[21] 冯天丽,井润田.制度环境与私营企业家政治联系意愿的实证研究[J].管理世界,2000(8):81-91.
[22] 曲三省.我国不同所有制经济资本配置效率差异分析[J].经济体制改革,2015(3):22-26.
(1)为减少极端值对计算配置效率的影响,先对固定资产增长率和主营业务利润增长率进行1%的缩尾处理。
(2)为更好地反映投资变化对投资机会的反应程度,将投资机会即主营业务收入增长率滞后一期。
(3)本处仅统计国有和非国有企业总样本量相对较大并超过100的行业;根据证监会的行业划分,剔除金融类后共18大类,具体如下:农、林、牧、渔业,采矿业,制造业,电力、热力、燃气及水生产和供应业,建筑业,批发和零售业,交通运输、仓储和邮政业,住宿和餐饮业,信息传输、软件和信息技术服务业,房地产业,租赁和商务服务业,科学研究和技术服务业,水利、环境和公共设施管理业,居民服务、修理和其他服务业,教育,卫生和社会工作,文化、体育和娱乐业,综合。
(4)为消除多重共线性,删除东部地区虚拟变量Dzx1(东部地区=1)。
(5)固定效应面板回归时地区虚拟变量因为多重共线性被自动删除,故采用混合回归方法。
(6)进行F检验及B-P检验,结果表明固定效应或随机效应优于混合回归(Pooled),而Hausman检验结果表明应采用固定效应模型。
(7)考虑到国有股比率可能对企业资本配置效率的影响是非线性的,而且可能是立方关系,将国有股比率三次项作为解释变量加入回归模型,进行固定效应面板回归,结果表明三次项对资本配置效率不产生显著影响,故未报告含国有股比率三次项的回归结果。