Analysis Of Efficiency And Reform Thinking Of State-Owned Enterprises In China

Since the 40th anniversary of reform and open,reform of state-owned enterprises has been on and off but never stopped.New reform of state-owned enterprises is giving paid an increasing attention and the research on efficiency of state-owned enterprises can provide innovative ideas and constructive suggestions on reform of state-owned enterprises based on theory.This paper holds that the efficiency of state-owned enterprises should be based on the national conditions of China and only by the combination of economic efficiency,social efficiency and policy efficiency can achieve a scientific and effective evaluation.In this paper,the background and basic framework of the study are introduced and the literature on the efficiency of state-owned enterprises is reviewed.Then,it formally introduces the concept of state-owned enterprises,state-owned enterprises classification,state-owned enterprises efficiency and logically discusses the influencing factors of efficiency.Then,through comparison with other ownership enterprises,it analyzes the current situation of state-owned enterprises' operation and evaluates the social efficiency,policy efficiency and micro efficiency loss of state-owned enterprises.Finally,the over investment model is used to estimate the overinvestment situation of state-owned enterprises and analyze the technical efficiency of state-owned enterprises based on the transcendental logarithmic production function by using random frontier method.Finally,the influence factors of the efficiency of the state-owned enterprises are analyzed by the mixed OLS,fixed effect and random effect of the panel data model.The results of the study illustrate the following points.First,by efficiency classification and functional classification of state-owned enterprises,we can know that monopoly factors are not necessarily related to efficiency.Secondly,over investment in state-owned industrial enterprises is a common phenomenon.Moreover,the technology efficiency of private enterprises is generally higher than that of state-owned enterprises and has been improving rapidly in recent years.Finally,from the point of view of the total output level,the production efficiency,technical efficiency and resource allocation efficiency of the enterprise will significantly increase the total output level of the enterprise,but the state-owned enterprises are more sensitive to production efficiency and technical efficiency and private enterprises are more sensitive to the efficiency of resource allocation.The existence of soft budget constraints does weaken the total output level of enterprises in the long run.From the point of view of the total asset contribution rate,as the internal factor of the enterprise,the production efficiency will lead to the increase of the total asset contribution rate but the proportion of state-owned property rights will weaken the efficiency of the enterprise.The asset liability structure of the private enterprise has not yet reached the optimal allocation and the appropriate debt level can make the efficiency of the private enterprise greatly improved;The burden of employment will reduce the total assets contribution of enterprises.Based on the theoretical and empirical analysis mentioned above,combined with the experience of the reform of state-owned enterprises in the United States,Japan,Britain and Russia,this paper puts forward the following suggestions on state-owned enterprises:First,the structural reform of the supply side of state-owned enterprises is opened with cutting capacity,deleveraging,reducing the cost and increasing efficiency as well as the governance of zombie enterprises.Second,we must carry out the reform of mixed ownership system based on the classification,the diversification of shareholdings and the realization of listing.Third,we should avoid insider control and construct professional manager system as the starting point to improve the governance institutions of state-owned enterprises.Fourth,we should improve the management system of state-owned assets and the securitization of state-owned assets to promote the reform of state-owned enterprises.Fifth,from overseas investment risk,investment service system and political standpoint,we should emphasize stepping out of the internationalization road of China's state-owned enterprises.