陈锦然

摘 要：文章在地方政府干预国有企业投资现象客观存在的制度背景下，测算了1998—2006年中国规模以上国有工业企业的过度投资水平与企业效率，并通过构建联立方程模型，实证检验了国有企业经营者为实现个人利益最大化目标而带来的国有企业过度投资问题与国有企业短期绩效、企业效率之间的交互影响。研究发现：在政府干预客观存在的制度背景下，国有企业经营者对最大化自身利益的追求行为，会显著加重国有企业过度投资程度；企业效率增长有助于企业利润的提升，而与此同时，过度投资对企业绩效的影响则取决于显性收益与隐性收益对于国有企业经营者的相对重要性。当显性收益更为重要时，过度投资将有益于企业短期绩效的提升，而当隐性收益更为重要时，过度投资将给企业绩效带来负面影响；企业过度投资将带来企业效率的损失。研究结论不仅揭示了国有企业过度投资行为、国有企业短期绩效与企业效率之间复杂的相互作用机制，而且也为中国国有企业进行改革治理、实现效率提升的目标指明了方向，具有一定的现实意义。

关键词：国有企业；生产效率；过度投资；短期绩效；利润增长

中图分类号：F 270 文献标识码：A 文章编号：1672-7312（2018）05-0596-10

Abstract：Based on the institutional background of local government intervention over the investment of state-owned enterprises，we measure the level of over-investment and productivity of state-owned enterprises from 1998 to 2006，and by building a simultaneous equation model，we conduct an empirical test on the interactive relationship between the over-investment of state-owned enterprises led by the personal interest maximization of the state-owned enterprises managers，the short-term performance of state-owned enterprises，and the productivity of state-owned enterprises.The study results show that：On the basis of the institutional background of local government intervention，the pursuit of the personal interest maximization of the state-owned enterprises managers will significantly increase the level of over-investment of state-owned enterprises.The enterprise productivity growth will contribute to the improvement of enterprises short-term performance，while at the same time，the influence of the over-investment on enterprises short-term performance will depend on the relative significance of the explicit benefits and the implicit benefits.When the explicit benefits are more important，over-investment will benefit the improvement of enterprises short-term performance，but when implicit benefits are more important，over-investment will give negative impact on enterprises short-term performance.The over-investment will lead to productivity losses.The findings of this paper not only reveal the complex relationship between the over-investment，the short-term performance，and the productivity of state-owned enterprises，but also provide a view on state-owned enterprises reform，and the way of productivity growth，which have a significant practical significance.

Key words：state-owned enterprises；productivity；over-investment；short-term performance；profit growth

0 引 言

自黨的十四大明确提出以建立社会主义市场经济体制为中国经济体制改革的基本目标，加快经济改革的步伐后，中央政府采取了一系列促进政企分离、转变政府职能的有力措施，在一定程度上纠正了政府职能“越位、错位、缺位”的问题，减少了政府主体对企业微观经济活动的直接干预。……