State-Owned Enterprise Capital Allocation Efficiency Research Of China

First,the low-efficiency of state-owned enterprises has always been a focal problem laid on the talking table of academia and the public.The thesis has examined the whole efficiency of capital allocation in different ownership enterprises,and the developing features of the efficiency of capital allocation compared with time,industries and regions,by quoting the data from the field of industry.The proofs from two parts and the demonstrations from different dimensions have verified that not only the absolute efficiency of state-owned enterprises is ever-decreasing on time dimension,but the relative efficiency compared with private enterprises and foreign-investment enterprises is decreasing.Confronted with the decreasing efficiency of state-owned capital allocation,it is urgent to fasten the revolution of enterprises.Although only questions are raised from existing researches in this thesis,there are still some other noticeable aspects,which are about the mixed ownership revolution pushing rapidly now,are put forward:First,the low-efficiency of state-owned enterprises is integrated,relative policies should be focused on the revolution in integrity.The patching-like revolution is not adaptable to the integrated decadent situation of state-owned enterprises.Second,the state-owned enterprises in different regions should be correspondence to the local economic environment,especially to the current situation of local state-owned enterprises.To those provinces of higher proportions in stated-owned capital,it is a must to fasten introducing the private capital and to stimulate multiform competitions.Third,there should be a linkage consciousness to break the shackles of the market division and then to create an appropriate environment for the cross-regional flow of capitals.In brief,the problem of low-efficiency of state-owned enterprises,especially the low-efficiency of capital allocation urgently needs to pave for revolution with a top design and to stimulate the high-efficient operation of enterprises with the invisible hand of the market,in order to reach the aim of continually lifting the operating vitality and marketing competition of state-owned enterprises.Secondly,based on DEA-Malmquist index,Penal Data of state-owned enterprises in different 31 provinces from 2005 to 2015 has been utilized to measure and verify the Malmquist index,technical progress index,technical efficiency index,pure technical efficiency index and scale efficiency index of state-owned enterprises since 2005,and to compare with the private enterprises and the foreign enterprises in the same period.Following conclusions are what we obtained:in view of the developing features of capital allocation efficiency of state-owned enterprises,we find the integrated productivity of state-owned enterprises in nine years(2005-2015)had not increased and slightly decreased instead.In view of the comparative analysis between capital allocation efficiency of state-owned enterprises and of private enterprises,we find the feeble ability of anti-interference of state-owned enterprises under external impact,and the change of TFP of state-owned enterprises and foreign enterprises in Global Financial Crisis in 2007/2008.In view of the regional features of capital allocation efficiency of state-owned enterprises like the change of TFP in every province,the provinces with low growth-rated capital allocation efficiency were mainly located in the center and the west of country and the TFP growth rate of next 11 provinces were lower than the national average growth rate,which pulled down the national average level.Finally,after summarizing and combing the experience and problems in the process of the participant of state-owned enterprises and private enterprises in the mixed ownership,the thesis has made some relative researches.Through the researches on the process of mixed ownership revolution and the operation principles of China National Building Materials Group Corporation,the thesis finds that the merger and reorganization is an effective way for state-owned enterprises to reform mixed ownership.In the process of merger and reorganization,China National Building Materials Group Corporation has promoted the governance mechanism and operation system,and upgraded the enterprises performance.In the meantime,the thesis investigates the cases of private enterprises' participants in mixed ownership revolution.Overall,the focal points and the breakthroughs in the cooperation of state-owned enterprises and private enterprises are the following four points:Introducing the strategic investment of enterprise development;complementing the advantages of functions of state-owned enterprises and private enterprises;making access to the monopoly industries of private enterprises and the market entrance of the Public Service;enabling private enterprises to obtain the equal opportunity of market main body and convenient financing.In addition,mixed ownership revolution must be taken in the process of transparent specification and fair operation.Meanwhile,it should take the balance of subject interests of those enterprises with insisting the principle of step-by-step and prudential stability.