民营企业与国有企业绩效差异:盈利能力与杠杆的分析

Nguyet Thi Minh Phi, Farhad Taghizadeh‐Hesary, Anh Tu Chuc, N. Yoshino, C. Kim
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引用次数: 12

摘要

我们从盈利能力和偿付能力的角度实证研究了所有权认同与企业绩效之间的关系。利用覆盖全球25000多家公司的横截面数据,并采用各种实证方法,我们发现政府企业的绩效低于私营企业的有力支持。具体来说,国有企业的利润往往低于私营企业。然而,他们的财务需求似乎更依赖于债务,因此杠杆率更高。此外,国有企业的劳动密集型程度更高,劳动力成本也更高。因此,本研究的证据可以解释为私有化可以改善上市公司的绩效。然而,在这些结果被认为是结论性的之前,需要进行更长时间的研究。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Performance Differential Between Private and State-Owned Enterprises: An Analysis of Profitability and Leverage
We investigate empirically the relationship between ownership identity and the performance of firms in terms of profitability and solvency. Using cross-sectional data covering over 25,000 firms worldwide and by employing various empirical methods, we find robust support for the inferior performance of government enterprises over privately owned firms. Specifically, state-owned enterprises (SOEs) tend to be less profitable than privately owned enterprises. However, they appear to be more dependent on debt for their financial needs and are, thus, better leveraged. Additionally, SOEs are more labor intensive and have higher labor costs. Thus, evidence from this study could be interpreted to mean that privatization could improve the performance of public firms. However, a study over a longer period is needed before these results can be considered conclusive.
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