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截至目前,绝大多数的经济学文献仍然集中于国有企业缺乏微观效率这一研究共识。而在近期研究中,对国有企业微观效率的肯定论调开始明显增多,但现有的经验研究多以工业数据为分析样本。在纳入流通业样本并在工业、流通业中展开跨行业比较的视角下,本文对国有企业的微观效率展开了多角度的实证评判。通过综合分析主要财务指标,以及应用DEA-Malmquist指数进行全要素生产率的比较测度,本文发现,国有企业在整体上并不具有效率劣势,其效率优势在流通业领域相比在工业领域表现得更为明显,而批发业中国有资本的高占比与高效率并存的现象尤其值得关注。本文进而以案例分析法揭示了国有批发企业的重资产运营与其盈利追赶过程之间的正向关联。研究启示在于,国有资本的进退决策需要结合行业特征进行审慎权衡。在国有资本相对具有更高效率的批发流通领域,可以通过“增资扩容”来放大国有资本的功能,不宜轻易做出国有资本应加快退出的论断,也不宜过度追求轻资产运营的财务目标。
So far, the vast majority of economic literature still focuses on the research consensus that state-owned enterprises lack micro-efficiency. In the recent research, affirmative remarks on the micro-efficiency of state-owned enterprises have started to increase significantly, but most of the existing empirical studies mainly use industrial data as an analytical sample. From the perspective of integrating circulation samples and carrying out cross-sectoral comparison in the industrial and circulation industries, the paper conducts empirical assessments of the micro-efficiency of state-owned enterprises from multiple perspectives. By comprehensively analyzing the main financial indicators and comparing the TFP with the DEA-Malmquist index, this paper finds that the state-owned enterprises as a whole do not have the efficiency disadvantage, and their efficiency advantages are more obvious in the circulation field than in the industrial field It is noteworthy that the phenomenon of the high share and efficient coexistence of Chinese capital in the wholesale business is of particular concern. This article further reveals the positive relationship between the operation of heavy assets of state-owned wholesale enterprises and their catch-up process with case studies. The research enlightenment lies in that the decision-making of the advance and retreat of state-owned capital needs to be carefully weighed against the characteristics of the industry. In the field of wholesale circulation where state-owned capital is relatively more efficient, the function of state-owned capital can be enlarged through “capital increase and expansion”, and the conclusion that State-owned capital should be expeditiously withdrawn should not be easily made and the financial objective of light asset operation should not be excessively pursued .