禀赋差异、市场竞争与民企的“类国企化”选择

Base on the preliminary statistical analysis and thorough investigation through two dimensions of the modes of resource acquisition or participation in market competition, we find that many private enterprises’ business orientation in China (at least 33.3%) have become more and more similar to the state-owned enterprises(SOEs). We defined the change as the private enterprises’ “State-owned Enterprises Orientation”, and we consider the orientation is a degeneration which originate from the imbalance of the relationship between government and enterprises, ineffective SOE reform, inefficient SOEs governance, and the competition among the enterprises’ deviation from the market law. This degeneration can also causes significant efficiency loss, even more serious, for that will intensify the disorderly market competition. Therefore, understanding and examination of the changes of private enterprises’ business orientation and theirs efficiency are at least equally important as the governance of the SOEs. Following the main logic line of the causes and consequences of private enterprises’ degeneration, this project analysis multi-dimensionally the forms, institutional origin, and the economic consequences of private enterprises’ “State-owned Enterprises Orientation”, and reveals the mechanism of how private enterprises’ degeneration or SOEs’ monopoly caused significant efficiency loss, and verifies this non-market orientation’s long-term damage to the economy of our country. The project has important theoretical and practical significance in improving the reform of SOEs and optimization of the relationship between government and firm, and promoting much more private enterprises’ innovation motivity and the new normal reform in the new period.

我们基于要素/资源获取方式、市场竞争参与方式两大维度的透视与统计分析表明，我国诸多民企（至少1/3）的经营取向已与国企基本雷同，我们将这种现象界定为民企的“类国企化”，并认为这是政企关系失衡与国企改革不力及其治理低效引致的企业间竞争偏离市场化正轨的退变现象，而这种退变也会造成显著的效率损失，甚至更为严重——会加剧市场无序竞争，并使“国企日国、政府日强、创新日弱”。因此，认识和审视民企经营取向及其效率变迁至少与国企治理同等重要。项目沿着民企退变成因及其后果的逻辑主线，对其表现形式、制度渊源及经济后果予以多维系统剖析，从市场竞争的新角度揭示民企退变及国企垄断何以引致显著效率损失的作用机理，验证和甄别这种非市场化取向对我国经济的长期损害。项目对于我国新时期进一步推进国企改革、优化政企关系等新政取向、推动形成以国企的有效治理引导更多民企基于创新驱动发展的新动力和改革新常态，具有重要理论与现实意义。

民企发展及其增长困境与国企改革及其有效治理，必须放在改革开放以及政企关系变迁的历史进程中予以动态关联考察。改革开放以来，搞活国企一度是企业发展政策的主题，但随着时间推移，促进非国企发展政策的重要性日益凸显（张文魁，2021）。然而，深入考察我国企业的经营行为后发现，诸多民企已与国企的经营模式实质相雷同——我们将这种“竞争性模仿”现象界定为民企的“类国企化”行为。因此，纵深审视民企的经营取向及其效率变迁至少已与国企治理同等重要，并直接攸关经济高质量发展。项目关注特定制度背景下中国民营企业经营行为之嬗变及其经济后果，借此提请纵深重视通过深化推动国企改革及其有效治理而促生的“正外部效应”进而有效引导诸多民企回归创新驱动高质量发展的市场化竞争正轨。.基于我国沪深A股民营上市公司差异化样本以及要素/资源获取、市场竞争参与两大维度的理论透视和围绕聚焦投资效率、企业创新、金融化依赖等三大具体落点的描述性分析与实证检验，项目研究得出如下基本结论：1）“类国企化”通过加剧市场的无序竞争进而损害了民企投资效率，而政府干预更多的地区其损害会更大；2）“类国企化”会显著抑制民企创新并最终损害创新效率，而代理成本加剧和投资效率降低是其两大主要渠道，更为剧烈的市场竞争、更小的企业规模以及更差的信息环境是加剧这种抑制效应的重要环境因素；3）“类国企化”还会通过缓解融资约束、挤占实业投资等渠道进而加剧民企的金融化依赖并最终损害其资本配置效率（TFP）和未来盈利能力（Tobin-Q），“类国企化”取向下的金融化选择“适时”兼具投机套利动机（加剧效应）和预防性动机（缓解效应）。在使用PSM-DID等方法缓解潜在内生性问题以及考虑金融危机特定影响、遗漏变量以及变换核心变量度量方式等情形下的稳健性测试均支持以上结论。项目 研究对于认识并矫正民企经营取向变迁、关联性推动“国-民经济”协调及高质量发展等具有重要启示。