中国企业资本配置效率研究
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摘要
根据经济学观点,经济增长有两种方式,一种是通过资本总量的增长,即增加生产要素占用和消耗；另外一种是通过资本配置效率的提高,即优化生产要素配置和提高利用效率。目前我国的经济增长方式主要是投资主导型的粗放式经济增长,但随着经济总量的扩张,如果不能摆脱这种传统的发展方式,继续依靠生产要素的大量投入和生产规模的扩大来发展的话,我国经济社会的发展将受到越来越严峻的资源和环境制约。
在当前经济复苏的背景下,从企业角度出发,研究我国不同类型企业的资本配置效率及其影响因素,把握并利用其优势,引导资本流向技术密集型等具有竞争力及成长性的行业,对促进我国产业结构的调整和经济发展方式的转变,实现经济的健康平稳增长,具有重要的理论价值和实践意义。
资本配置,是指资本通过各种经济活动在各区域和部门间的流动。通过资本配置效率的提高,可以优化生产要素配置和提高利用效率,促进经济增长。在我国,经济发展中存在国有资本、私营资本和外资资本等不同经济类型的资本。本文从不同经济类型企业的资本出发,以Wurgler的经典资本配置效率模型为基础,分析了2003年第一季度到2008年第四季度以来不同经济类型资本的配置效率及其之间存在的差异,并计算分析了基于不同企业类型下各行业的资本配置效率及其差异。此外,还分析了行业效率、行业规模、行业结构、行业营运能力、行业发展能力、产业集中度、产业集中度变化趋势、行业要素密集度及行业进入壁垒等影响因素对各种类型企业的行业资本配置效率的影响程度。研究结果显示,在各种类型企业中,外资企业资本的配置效率最高,其次是私营企业,排在最末位的是国有企业。最近五年以来,国有企业的资本配置效率虽然稳定,但仍较低,而私营企业的资本配置效率则波动较大。此外,不同类型企业中,能源类和专用设备制造行业的资本配置效率差异最小。而电力、有色金属等行业的资本配置效率差异较大。外资企业中,行业资本配置效率排在前面的行业几乎都是资金技术密集型行业。此外,不同类型企业资本配置效率影响因素分析的结果显示：外资企业的资本配置更侧重行业的效益,而私营企业更注重行业的发展。国有企业的资本配置与行业要素密集度具有相关性,更侧重于能源类行业。此外,国有企业的资本配置与行业结构(资产负债率)相关性较弱。
针对以上结论提出了下列建议：
(1)加强国有企业资本的利用效率,在选择需要扶持的行业时,要选择具有发展潜力的行业,或者具有潜在经济价值的行业,在扶持行业发展的同时,要培养行业自身的独立性和盈利性。
(2)放宽对于私营企业的限制,在私营企业成立初期,给予税收方面的支持；对于小规模企业,除了鼓励私营企业发展成长性较好的行业外,还要提供一些技术、管理、资金上的协助指导,鼓励私营企业做大做强。此外,鼓励创业和企业发展中的再学习,提高私营企业的知识结构。对于私营企业,同样应提供与外资企业相同或更优惠的政策来鼓励这些企业的发展。
(3)对于外资企业,在投资高盈利行业的同时,应该引导其对中国成长性行业的投资。对于规模较大的行业,更应加强其资本的配置和管理,提高资本配置的效率。此外,由于中国资本密集型行业被外资企业占据的份额较高,尤其是通信领域。因此,如何防止外资企业控制我国的这些行业、夺取我国企业的经济利润、利用经济手段掌控中国经济的风险,已经成为外资企业和国有、私营企业未来发展保护的引导方向。
According to the economic theory, there are two ways to realize economic grow th, one is to increase total capital by increasing the occupancy and consumption of pr oduction factors; the other is to improve capital allocation efficiency by improving th e allocation and utilization efficiency of production factors. At present, China's extensive economic growth mode is the mode of economic growth-oriented. However, as the economy expands, if we still rely on the traditional development mode and enlarge the volume of production factors inputs and the scale of production, China's economic and social development will be increasingly constrained by severe resource and environment.
Under the current backdrop of economic resurgence, researching on capital allocation efficiency in different types of enterprises in China and the corresponding influences from the perspective of enterprises, for grasping and using its strength to guide capital flowing to technology-intensive and other competitive and growing industries will have great theoretical and practical significance to the restructure of industries and change of economical development pattern, the realization of healthy and stable increase of economy.
Capital allocation means the mobility of capital between regions and sectors through various economic activities. The improvement of capital allocation efficiency will optimize the allocation of production factors and increase utilization efficiency, and promote economic growth. In China, there are different types of capital such as state-owned capital, private capital and foreign capital. This paper, proceeds from the perspective of different capital and on basis of Wurgler's classic capital allocation efficiency model, analyzed the allocation efficiency of different economic types and their differences from the first quarter of2003to the fourth quarter of2008, calculated and analyzed the capital allocation efficiency of different economic types in different industries. In addition, this paper also analyzed the influence degree to capital allocation efficiency of different economic types in different industries from industrial efficiency, industry size, industry structure, industry operating capacity, industry developing capacity, industry concentration, industry concentration trends, intensity of industrial factors and entry barriers. The research result demonstrated that, in various types of enterprises, foreign capital has the highest allocation efficiency, followed by private sectors and state-owned enterprises came in last. In the recent five years, though the capital allocation efficiency in state-owned sector stayed stable, it remained low. And the capital allocation efficiency in private sectors is fluctuating. Moreover, in different types of enterprises, energy and special equipment manufacturing industry has the least difference in capital allocation efficiency, while the differences in electric power, nonferrous metal and other industries are big. In foreign-funded enterprises, the most efficiently allocated industries are mostly capital-and technology-intensive industries. Besides, according to the analysis of influence factors in the capital allocation efficiency of different types of enterprises, the capital allocation in foreign-funded sectors focus more on industrial benefits, while private sectors pay more attention to industrial development. The capital allocation in state-owned enterprises is related to the intensive factors; therefore they attach more importance to energy industry. Furthermore, the correlation between the capital allocation in state-owned enterprises and industrial structure (asset-liability ratio) is relatively weak.
In the light of the above conclusions, we put forward suggestions as follows:
(1) To improve the utilization efficiency of the state-owned enterprise capital, we should choose industries with development potential or with potential economic value, when selecting the industries which need to be supported. Simultaneously, fostering their independence and profitability is also needed.
(2)To loosen the restrictions on private business, government should supply some tax supports at their primary stage. For small-scale enterprises, in addition to encouraging private business to develop industries with good growth, government should also aid them in technology, management and capital and encourage them to be entrepreneurial as well as big. Moreover, to improve the knowledge structure of the private business, government needs to encourage entrepreneurship and the re-learning in the enterprise's development. The private enterprises should also be provided with some policies, which are those equal to or more favorable than those offered to foreign companies.
(3)Government should guide the foreign companies to invest in the growing industry when they invest in highly profitable industry. As to larger-scale industries, we should strengthen the configuration and management of capital to improve the efficiency of the capital allocation. In addition, foreign-funded companies enjoy high market share in China's capital-intensive industries, especially in the communications field. So how to prevent the foreign enterprises from controlling the industry in China, depriving Chinese enterprises of economic profit, gaining mastery over China's economy, has become the future development direction that protect the foreign enterprises, state-owned enterprises and the private enterprises.
在当前经济复苏的背景下,从企业角度出发,研究我国不同类型企业的资本配置效率及其影响因素,把握并利用其优势,引导资本流向技术密集型等具有竞争力及成长性的行业,对促进我国产业结构的调整和经济发展方式的转变,实现经济的健康平稳增长,具有重要的理论价值和实践意义。
资本配置,是指资本通过各种经济活动在各区域和部门间的流动。通过资本配置效率的提高,可以优化生产要素配置和提高利用效率,促进经济增长。在我国,经济发展中存在国有资本、私营资本和外资资本等不同经济类型的资本。本文从不同经济类型企业的资本出发,以Wurgler的经典资本配置效率模型为基础,分析了2003年第一季度到2008年第四季度以来不同经济类型资本的配置效率及其之间存在的差异,并计算分析了基于不同企业类型下各行业的资本配置效率及其差异。此外,还分析了行业效率、行业规模、行业结构、行业营运能力、行业发展能力、产业集中度、产业集中度变化趋势、行业要素密集度及行业进入壁垒等影响因素对各种类型企业的行业资本配置效率的影响程度。研究结果显示,在各种类型企业中,外资企业资本的配置效率最高,其次是私营企业,排在最末位的是国有企业。最近五年以来,国有企业的资本配置效率虽然稳定,但仍较低,而私营企业的资本配置效率则波动较大。此外,不同类型企业中,能源类和专用设备制造行业的资本配置效率差异最小。而电力、有色金属等行业的资本配置效率差异较大。外资企业中,行业资本配置效率排在前面的行业几乎都是资金技术密集型行业。此外,不同类型企业资本配置效率影响因素分析的结果显示：外资企业的资本配置更侧重行业的效益,而私营企业更注重行业的发展。国有企业的资本配置与行业要素密集度具有相关性,更侧重于能源类行业。此外,国有企业的资本配置与行业结构(资产负债率)相关性较弱。
针对以上结论提出了下列建议：
(1)加强国有企业资本的利用效率,在选择需要扶持的行业时,要选择具有发展潜力的行业,或者具有潜在经济价值的行业,在扶持行业发展的同时,要培养行业自身的独立性和盈利性。
(2)放宽对于私营企业的限制,在私营企业成立初期,给予税收方面的支持；对于小规模企业,除了鼓励私营企业发展成长性较好的行业外,还要提供一些技术、管理、资金上的协助指导,鼓励私营企业做大做强。此外,鼓励创业和企业发展中的再学习,提高私营企业的知识结构。对于私营企业,同样应提供与外资企业相同或更优惠的政策来鼓励这些企业的发展。
(3)对于外资企业,在投资高盈利行业的同时,应该引导其对中国成长性行业的投资。对于规模较大的行业,更应加强其资本的配置和管理,提高资本配置的效率。此外,由于中国资本密集型行业被外资企业占据的份额较高,尤其是通信领域。因此,如何防止外资企业控制我国的这些行业、夺取我国企业的经济利润、利用经济手段掌控中国经济的风险,已经成为外资企业和国有、私营企业未来发展保护的引导方向。
According to the economic theory, there are two ways to realize economic grow th, one is to increase total capital by increasing the occupancy and consumption of pr oduction factors; the other is to improve capital allocation efficiency by improving th e allocation and utilization efficiency of production factors. At present, China's extensive economic growth mode is the mode of economic growth-oriented. However, as the economy expands, if we still rely on the traditional development mode and enlarge the volume of production factors inputs and the scale of production, China's economic and social development will be increasingly constrained by severe resource and environment.
Under the current backdrop of economic resurgence, researching on capital allocation efficiency in different types of enterprises in China and the corresponding influences from the perspective of enterprises, for grasping and using its strength to guide capital flowing to technology-intensive and other competitive and growing industries will have great theoretical and practical significance to the restructure of industries and change of economical development pattern, the realization of healthy and stable increase of economy.
Capital allocation means the mobility of capital between regions and sectors through various economic activities. The improvement of capital allocation efficiency will optimize the allocation of production factors and increase utilization efficiency, and promote economic growth. In China, there are different types of capital such as state-owned capital, private capital and foreign capital. This paper, proceeds from the perspective of different capital and on basis of Wurgler's classic capital allocation efficiency model, analyzed the allocation efficiency of different economic types and their differences from the first quarter of2003to the fourth quarter of2008, calculated and analyzed the capital allocation efficiency of different economic types in different industries. In addition, this paper also analyzed the influence degree to capital allocation efficiency of different economic types in different industries from industrial efficiency, industry size, industry structure, industry operating capacity, industry developing capacity, industry concentration, industry concentration trends, intensity of industrial factors and entry barriers. The research result demonstrated that, in various types of enterprises, foreign capital has the highest allocation efficiency, followed by private sectors and state-owned enterprises came in last. In the recent five years, though the capital allocation efficiency in state-owned sector stayed stable, it remained low. And the capital allocation efficiency in private sectors is fluctuating. Moreover, in different types of enterprises, energy and special equipment manufacturing industry has the least difference in capital allocation efficiency, while the differences in electric power, nonferrous metal and other industries are big. In foreign-funded enterprises, the most efficiently allocated industries are mostly capital-and technology-intensive industries. Besides, according to the analysis of influence factors in the capital allocation efficiency of different types of enterprises, the capital allocation in foreign-funded sectors focus more on industrial benefits, while private sectors pay more attention to industrial development. The capital allocation in state-owned enterprises is related to the intensive factors; therefore they attach more importance to energy industry. Furthermore, the correlation between the capital allocation in state-owned enterprises and industrial structure (asset-liability ratio) is relatively weak.
In the light of the above conclusions, we put forward suggestions as follows:
(1) To improve the utilization efficiency of the state-owned enterprise capital, we should choose industries with development potential or with potential economic value, when selecting the industries which need to be supported. Simultaneously, fostering their independence and profitability is also needed.
(2)To loosen the restrictions on private business, government should supply some tax supports at their primary stage. For small-scale enterprises, in addition to encouraging private business to develop industries with good growth, government should also aid them in technology, management and capital and encourage them to be entrepreneurial as well as big. Moreover, to improve the knowledge structure of the private business, government needs to encourage entrepreneurship and the re-learning in the enterprise's development. The private enterprises should also be provided with some policies, which are those equal to or more favorable than those offered to foreign companies.
(3)Government should guide the foreign companies to invest in the growing industry when they invest in highly profitable industry. As to larger-scale industries, we should strengthen the configuration and management of capital to improve the efficiency of the capital allocation. In addition, foreign-funded companies enjoy high market share in China's capital-intensive industries, especially in the communications field. So how to prevent the foreign enterprises from controlling the industry in China, depriving Chinese enterprises of economic profit, gaining mastery over China's economy, has become the future development direction that protect the foreign enterprises, state-owned enterprises and the private enterprises.
引文
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