关键词: 国有企业效率 , 预算软约束 , 改革效应 , 竞争效应

Abstract: After 30 years of reform and institutional innovation, the stateowned enterprises have not only got out of the development dilemma, but also become the principal part of the market with relatively higher labor productivity, stronger profitability and competitiveness. However, some scholars still insist that stateowned enterprises are of low efficiency, claiming that they must gradually withdraw from competitive fields. Based on an empirical study, the paper finds that there is no significant difference between stateowned or private listing corporations in terms of financial efficiency and technical efficiency. An examination of the budget constraints indicators establishes the fact that neither stateowned enterprises nor private enterprises have problems of soft budget constraint. Therefore, conclusions can be reached that the competition environment for stateowned enterprises and private enterprises are basically the same, and that stateowned enterprises are not gaining more benefits from the government. The authors hold that the claims that “stateowned enterprises are of low efficiency”and “the real rate of return on net assets of stateowned enterprises is negative”do not hold water. There is no sufficient evidence to support the claim that stateowned enterprises should withdraw from competitive fields.

Key words: efficiency of state-owned enterprise , soft budget constraint , effect of reform , effect of competition