行政垄断、政治庇佑与国有企业的超额成本
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| Title | Administrative Monopoly, Political Patronage and the Extra-Capital of the State-Owned Firms
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| 作者 | 杨继生 阳建辉 |
| Author | Yang Jisheng and Yang Jianhui |
| 作者单位 | 股权性质 政治庇佑 行政垄断 管理成本 |
| Organization | School of Economics, Huazhong University of Science and Technolgy |
| 作者Email | yangjisheng770@sohu.com;suangxue@163.com |
| 中文关键词 | 股权性质 政治庇佑 行政垄断 管理成本 |
| Key Words | Ownership property; Political patronage; Administrative monopoly; Management capital. |
| 内容提要 | “权利寻租”增加企业的管理成本。本文基于企业管理成本对控股主体、市场地位和经济环境等的动态响应机制，测度行政垄断和权利寻租引致的国有企业效率损失。实证分析结果和反事实对比仿真实验均表明：政治庇佑显著增加国有控股企业的管理成本，其管理效率约为民营控股企业的1/3。国有控股和集体控股企业的管理成本均具有刚性特征，对宏观经济和市场环境的变化不敏感；民营控股企业对经济环境的反应灵敏度是国有企业的5.5倍。市场垄断有助于降低民营控股企业的管理成本，却显著增加国有控股企业的管理成本。对企业外部市场环境的测度结果显示，2008年之后市场总体状况震荡向坏。所以，向民间资本开放国有经济核心垄断领域，在股权配置中发挥市场作用，是优化国有经济布局和结构的有效途径。 |
| Abstract | Rent-seeking of the entitlements sharply increases firms’ management capital. This paper measures the lose efficiency of the state-owned firms result from administrative monopoly and the entitlements rent-seeking, basing on the dynamic response mechanism of firms’ management capital caused by ownership property, market status and economic environment. The empirical findings and the counterfactual comparative simulation experiments show that, political patronage significantly increases management capital of the state-owned firms, its management efficiency is about one-third of the private-owned firms. The management capital of the state-owned firms and the collective-owned firms owns rigidity characteristic, and shows insensitivity to the change of macroeconomics and market environment, while the sensitivity of private-owned firms to economic environment is 5.5 times of the state-owned firms. Market monopoly is benefit to reduce management capital for the private-owned firms, but it has a converse effect on the state-owned firms. The measure of external market environment shows that, the overall market environment becomes worse since 2008, the effective way of optimizing the stated-own economic layout and structure is to open to private capital in core monopoly areas and make it play a marketable role in the stock equity allocation. |
| 文章编号 | WP704 |
| 登载时间 | 2014-09-19 |
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