Corporate Ownership Restructuring in China : Towards the Privatization of Large State-owned Enterprises

中国の国有企業改革は1990年代半ば以来,中小・中堅企業の民営化と大企業の株式会社化・株式上場という二本立ての路線で進められてきた.だが政府あるいは母体国有企業が筆頭株主として君臨する上場企業の資本効率は低い.上場によって直接金融のチャンネルが開けたことは,むしろ非効率な規模拡大を許す結果を招いている.2001年には年金基金補填の原資調達問題を契機として,国有株売却政策が始動した.これは長期的には国有大企業の民営化につながるプロセスである.新たな段階の企業改革は,どのような課題に直面するのだろうか.こうした問題意識に基づき本稿では,第II節で民営化の流れを概観する.第III節では上場企業に焦点を当て,家電産業に属する国有系・集団所有系上場企業28社をサンプルとする計量分析を行い,所有構造と資本効率の関係を探る.第IV節では今後の国有大企業民営化の方向を展望する.China\u27s state-owned enterprise reform since the mid-1990 s has been proceeding along the line of privatization of small and medium companies and corporatization and stock listing of larger companies. Capital efficiency in listed companies controlled by state shareholders (government agencies and parent SOEs) remains low on average, however. Providing them with a new source of finance via stock issuing tends to result in inefficient pursuit of asset expansion favored by state shareholders and managers. With a view to financing growing government expenditure to re-capitalize the national pension fund, divestiture of state shares has been initiated eventually since 2001, which would lead to privatization of large SOEs in the long run. This paper tries to shed light on this ongoing process of ownership transformation, focusing especially on listed large SOEs. Section II overviews trend of privatization in recent years. Section III analyses relationship between ownership and capital efficiency in terms of turnover of total assets in stock-listed companies, based mainly on regression analysis of a data set of 28 electric appliances companies. Section VI concludes with some future prospects of large SOE privatization