私有企业的发展是改革和发展的关键:来自主要转轨经济的企业层面证据
Private Sector as the Driving Force of Economic Development:Firm-level Evidence from Major Transition Economies 金炳椽;王瑾;许成钢; 1:韩国首尔国立大学经济系 2:香港科技大学社会科学部 3:香港大学经济金融学院 摘要(Abstract)：

本文以主要转轨国家的企业数据为依据,对比分析中国企业的绩效。我们发现尽管中东欧与中国的企业在其面临的外部环境上存在显著的差别,但这些外部差异对企业绩效只有有限的影响;最终决定生产率差异的是所有制。概而言之,我们发现中国的现象与其他转轨国家的普遍规律完全一致,即私有企业的绩效超越国有企业。中国的私有企业的绩效是转轨国家各类企业中绩效最高的;但是同时,中国国企的绩效则是转轨国家各类企业中最低的。即,中国过去发展成功的方面与世界其他国家发展的规律一致,既不是奇迹,也不存在超越市场经济规律的特殊模式。

关键词(KeyWords)： 转型;;私有企业;;资源配置不当;;全要素生产率;;资本边际产品收益

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作者(Author): 金炳椽;王瑾;许成钢;

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①所谓新兴私有企业(de nova private firms)指的是由私人企业家创建,而非通过私有化产生的私有企业。
②基于国家层面的数据,他们发现,产权制度是解释国家间长期增长最重要的因素,契约制度只能解释股票市场的发展。
①平均而言,中东欧企业比中国企业得到更多的外部资金。与中东欧企业相比,明显更多的中国企业在贷款时需要提供抵押品,这表明发行公司债券在中国比在中东欧有更多的限制。
②早期的研究证明不完备的金融市场会导致生产者之间的信用配置不当,例如日本、印度和泰国就是这种情况。(Peek and Rosengren,2005;Banerjee and Munshi,2004;Kaboski and Townsend,2011)
①见Alfaro et al.,(2009);Bartelsman et al.(2012).
②见Pissarides et al.(2003);Johnson et al.(2002a,2002b);Dollar,Hallward-Driemeier and Mengistae(2005);Beck,Demirguc and Maksimovic(2005);Hallward-Driemeier,et al.(2006);Ayyagari,et al.(2008).
①为对调查方法有个全面了解,可参看Guo,Gan和Xu(2008)。
①在初始的设定中,我们检查了商业环境、竞争、出口导向和企业所有制对企业绩效的平均作用。在控制了国家和行业相关的异质性(国家固定效应和行业固定效应)之后,与之前的仅使用BEEPS企业的研究结果相比,所有制指标表现出了一种非常不同的模式。具体地说,私有化、新兴企业和外国所有制指标都是显著为正的,与BEEPS中外国所有制对企业绩效有正的作用的结果不同。(见Commander and Svejnar,2011)


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