Analysis Of Capital Allocation Efficiency And Industry Difference Of New State-owned Enterprises

State-owned enterprises is the important carrier of the public sector of the economy,the pillar of the national economy strength. Reform of state-owned enterprises is the key ofthe reform of state-owned economy, after30years of consistent, the reform ofstate-owned enterprises in the form and connotation have changed a lot. The state-ownedassets supervision and administration commission was set up after2003, state-ownedenterprises set up modern enterprise system, gradually formed a separate governmentfunctions from enterprise management, the responsibilities of the new state-ownedenterprises (hereinafter referred to as "new" state-owned enterprises), become anindependent competition main body under the market economic system. Under thecondition of market economy, the survival and development of state-owned enterprises,bigger and stronger is the direction of the modern enterprise development, and now thestate-owned enterprises not only shoulder the mission of the internationalization, at thesame time, to enhance the function of leading industry competitiveness. However, withthe deepening of the marketization process, China’s state-owned economy accounted forthe proportion of falling, some even called for the proportion of state-owned economyshould be reduced to20%, in this case the state-owned capital allocation efficiency,optimize the distribution of the state-owned capital is very important to improve thecontrol of the state economy, this paper in order to research our country state-ownedenterprise capital allocation efficiency from the Angle of industry and industrydifferences, provide certain theoretical basis for optimizing the allocation of state-ownedcapital.Taking Jeffrey Wurgler (2000) model of the basic model and extended received fourregression model, using the data of36industries from2003to2011in our countrystate-owned and state holding enterprises and foreign enterprises of the overall efficiencyof capital allocation, nine years of two types of capital allocation efficiency and dynamicchange, two types of companies in various industries of spontaneous investment levelsand two types of companies in various industries industry differences of efficiency ofcapital allocation for empirical research, found that the state-owned and state holding enterprises overall capital allocation efficiency is lower than the foreign capital enterprise,state-owned and state holding enterprises but some industry capital allocation efficiency ishigher, and the state-owned and state holding enterprises (2004-2011) in each of thecapital allocation efficiency fluctuation is less than the foreign capital enterprise. The studyalso found that state-owned state-owned and state holding enterprises and foreignenterprises in different industry capital allocation efficiency has certain complementarity.Than the last part of the thesis summarizes the full text and puts forward policySuggestions and points out the deficiency.