基于动态博弈的非国有资本参股对国有资本运营效率的影响机制研究

It is widely accepted that state owned capital has binary objectives while operating, i.e. the capital return maximization and social welfare maximization, which is crucially significant to national civilization and interest of social community. However, the natural monopoly industries experience an excessive allocation of state owned capital, and its operation efficiency is fairly low. Thus, it is momentous of improving the distribution of state owned capital and boosting up the operation efficiency of state owned capital to the reform of mixed ownership and state enterprises. It is also well known that the injection of non-state owned capital within an industry or a enterprise correlates with the improvement of operation efficiency of state owned capital in that industry or enterprise. Thus, this project develops the study as follows: first, investigating the data description on non-state owned shares and operation efficiency of state owned capital, and correlation between the two, by using the data from telecommunication sector. Second, developing a dynamic model of imperfect competition to examine the mechanical effect that non-state owned shares on the operation efficiency of state owned capital, by setting” capital management” as analytical perspective and aligning with the binary objectives of state owned capital. Third, by implementing Dynamic Panel Difference-in-Difference Propensity to Score method and Dynamic System Generalized Method of Moment, and setting up telecommunication as an example, the project launches the empirical analysis of the influence that non-state owned shares on operation efficiency of state owned capital, in order provide policy suggestion on the reform of mixed ownership and state owned enterprise at the end of studies.

我国国有资本运营兼具盈利性与功能性的双重使命，是推进国家现代化、保障人民共同利益的重要力量。然而目前，国有资本过度集中，运营效率相对低下等问题在我国相关行业仍亟待解决。因此，优化国有资本布局，提高国有资本运营效率将成为新一轮混合所有制及国有企业改革的重点环节。学界与市场普遍认为优化国有资本布局，在相关竞争环节引入非国有资本参股与国有资本运营效率间存在相互关联，因此本项目将从如下方面展开研究：一是以电信行业为例，剖析非国有资本参股和国有资本运营效率的现状与关联；二是以“管资本”为视角，结合国有资本运营的双重使命，基于动态博弈构建混合寡头垄断竞争模型，揭示非国有资本参股对提升国有资本运营效率的作用机制及路径；三是以电信行业为例，运用动态倾向得分匹配倍差法及系统广义矩估计对理论机制进行实证检验和论证，为有序推进我国混合所有制改革及深化国有企业改革提供决策参考。

改革开放以来，我国国有企业改革取得重大发展，总体上已经同市场经济相融合。然而在深入推进混合所有制经济发展，从而改善我国营商环境的过程中，我国国有企业在部分竞争行业或环节过分垄断，国有经济布局结构有待进一步优化，国有资本配置效率较低等问题亟待解决。因此本研究采用国泰安上市公司数据库，运用数据包络分析法和弹性系数法分别构建并测度了国有上市公司运营效率和资本配置效率。基于此，本研究尝试构建动态面板数据，以期展开民营资本持股比例高低对国有资本运营效率的影响机制研究。与此同时，本研究也尝试通过设计混合垄断寡头市场竞争环境，针对制定合理科学的民营化策略进行相关理论机制设计。具体而言，本项目以我国混合所有制改革为主要背景，构建了一系列动态博弈模型，主要包括(i)国有企业运营效率不对称对其民营化策略影响的理论研究；(ii)国有企业授权与被授权行为对其民营化策略影响的理论研究；(iii)国有企业面临公司税高低对其民营化策略影响的理论研究。本项目通过实证研究发现，民营资本持股比例高低与国有企业资本配置效率之间存在凸函数关系（正U型）。这一重要研究结果表明，与企业经营相类似，民营资本持股同样存在规模经济效应。在达到规模经济所要求的持股比例后，推行非国有资本参股，实现多种性质资本并存不仅能活跃市场竞争氛围，同时还能由市场机制决定资本流向，以达到资本的有效配置，最大程度地改善国有资本配置及运行效率。本项目通过理论机制研究发现，国有企业与其竞争对手之间的成本不对称性加剧、国有企业对外国企业存在技术授权行为，以及本土市场公司利润税比例提高都将促使本国政府提高国有企业的民营化水平。概而言之，本项目的理论意义在于通过理论与实证两方面的系统分析，深化市场导向下的企业治理及工业组织等相关学科的知识框架。实践意义则是为深化我国国有企业改革和发展混合所有制经济提供定量依据和决策支持。