Econ Papers Daily / 期刊论文
私有化对国有企业的影响：僵尸企业与健康企业之比较
Impacts of Privatization on State-Owned Enterprises: A Tale of Zombie versus Healthy Firms
摘要
We estimate the effects of privatization on zombie versus healthy state-owned enterprises (SOEs) in China, extending our analysis beyond TFP to a broad array of financial and economic indicators. Privatizing zombie SOEs generates persistent favorable effects: it enhances labor productivity and TFP, reduces bank subsidies, lowers leverage and administrative expenses, improves liquidity, boosts profits, and accelerates sales growth, thereby increasing their probability of recovery. Privatization’s effect on reducing government subsidies, however, is generally weaker and appears to be transient. These benefits are more pronounced than for healthy SOEs and display some heterogeneity across regions and industries. Our findings offer policy implications for emerging markets, suggesting that prioritizing the privatization of underperforming, zombie-like entities can be associated with substantial economic gains and efficiency improvements.
中文摘要
我们评估了私有化对中国僵尸与健康国有企业（SOEs）的影响，并将分析范围从全要素生产率（TFP）扩展至一系列广泛的金融与经济指标。私有化僵尸国有企业产生了持续积极的效果：它提升了劳动生产率与全要素生产率，减少了银行补贴，降低了杠杆率与行政开支，改善了流动性，增加了利润，并加速了销售增长，从而提高了其复苏的可能性。然而，私有化对减少政府补贴的影响普遍较弱，且似乎具有暂时性。这些益处相较于健康国有企业更为显著，并在不同地区和行业间展现出一定的异质性。我们的研究结果为新兴市场提供了政策启示，表明优先对表现不佳、类似僵尸的实体进行私有化，可带来显著的经济收益与效率提升。