The Impact of Ownership Structural Reform on the Performance of China’s Enterprises

During 1996—2001, the World Bank surveyed over 700 corporations of six sectors in five Chinese cities. Using the World Bank survey data, we studied the impact of the co-existence of different ownership on the performance of corporations, and found that: (1) private shares and foreign investment shares elicit more productivity from corporations than state-owned shares. Among private shares, corporation shares and shares held by senior management and employees can effectively improve productivity, while shares held by outsiders fail in this aspect. (2) Of state-owned shares, corporation shares and shares held by local governments are negatively correlated with the productivity of the corporation, while shares held by central and provincial governments have an insignificant effect on productivity improvement. (3) Of corporation shares, only private corporation shares show a positive correlation with productivity improvement. This study is significant for China’s ongoing policy of ownership reform of SOEs. 本文使用世界银行的调查数据研究了所有制多元化对公司绩效的影响,该数据是由世界银行在1996—2001年间对中国5城市6部门700多家公司进行调查后得到的统计数据。研究发现:(1)私有股份和外资所有股份对公司生产率较国有股份具有更大的激励作用。在私有股份中,法人股和高管及其雇员持股能够有效促进公司生产率,而外部人持股则不能。 (2)在国有股中,法人股和地方政府持股与公司生产率具有负相关性,而中央政府以及省级政府持股对公司生产率的促进作用不显著。 (3)在法人股中,只有私有法人股和公司生产率正相关。研究结果对中国正在进行的国有企业民营化改革有着重要的政策含义