›› 2019, Vol. 19 ›› Issue (3): 68-75.

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Research on Capital Allocation Efficiency of Stateowned Enterprises and Its Promotion Measures

PENG Zhisheng, WANG Yan   

  1. (School of Economics and Management, Anhui Jianzhu University, Hefei 230601, China)
  • Received:2018-03-22 Revised:2018-04-23 Online:2019-05-20 Published:2019-05-24

国有企业资本配置效率及其提升措施

彭志胜,王研   

  1. 安徽建筑大学 经济与管理学院,合肥 230601
  • 作者简介:彭志胜(1976—),男,安徽建筑大学经济与管理学院教授,博士,硕士生导师,研究方向:金融工程、公司金融;王研(1995—),女,安徽建筑大学经济与管理学院硕士研究生,研究方向:房地产经济与管理。
  • 基金资助:
    安徽省社会科学规划一般项目“国有企业资本配置效率及其优化措施研究”(AHSKY2016D96);安徽省高校人文社会科学研究重大项目“房地产类上市公司多元化经营行为倾向及其绩效评价研究”(SK2016SD17)

Abstract: All listed companies from 1998 to 2016 are selected as samples and statistics of capital allocation efficiency are classified according to different characteristics of the year, industry and region, and makes an empirical test. The research shows that the capital allocation efficiency of stateowned enterprises has improved significantly in recent years. In addition to the capital allocation efficiency of stateowned enterprises in construction industry, agriculture and cultural sports entertainment industry, the other industries are still significantly lower than other nonstateowned enterprises. Although there is no significant difference in the efficiency between east, middle and western regions, there is a significant difference between different provinces. The research also shows that, with the increase in the ratio of stateowned shares, the efficiency of the capital allocation is down first, reaching the lowest, and then rising rapidly. Finally, the guidance of optimizing the layout of the stateowned economy and improving the efficiency of the allocation of stateowned capital is put forward.

Key words: stateowned enterprises, capital allocation, efficiency

摘要: 利用1998—2016年上市公司样本,按年度、行业、地区等分类统计企业资本配置效率,并实证检验。研究表明,国有企业资本配置效率近期改善明显,除建筑业、农业和文化体育娱乐业较非国有企业高外,其他行业较非国有企业显著偏低;东、中、西部地区之间无显著差异,但省域之间差异明显;随着国有股比率上升,资本配置效率先下降,达最低后快速上升。据此,提出优化国有经济布局、提升国有资本配置效率的建议。

关键词: 国有企业, 资本配置, 效率