摘要
本文分析产权保护对民营企业国有化的影响及其经济后果。检验发现,在产权保护更差的地区,民营企业更可能实施国有化。将产权保护分解为产权制度和契约制度,并区分主动国有化企业和被动国有化企业后,检验发现,民营企业主动国有化受到了产权制度和契约制度的显著影响,而被动国有化只受到产权制度的显著影响。上述发现分别揭示出民营企业主动国有化的"寻求产权保护"动机,以及被动国有化的"政府控制需求"动机。本文的结论不仅从产权保护视角为民营企业国有化的动机提供了新的解释,也从国有化的视角表明,通过混合所有制改革提升国有企业绩效,在本质上仍依赖于减少政府对企业的干预并进一步完善产权保护制度。
In this paper we analyze the effect of property rights protection on nationalization and its economical consequence.We find that there is a significantly negative association between property rights protection and nationalization.After unbundling property rights protection into property institution and contracting institution,we find that both property institution and contracting institution have important effect on initiative nationalization,but only property institution affects passive nationalization.We also find that nationalization has significantly negative impact on firm performance.Our findings provide new explanations on the motivation of nationalization from the perspective of property rights protection,and also have important policy implications for further decreasing government intervention on firm＇s decision-making,and improving property rights protection of private firms in China.
出处
《经济学（季刊）》
CSSCI
北大核心
2017年第3期1341-1366,共26页
China Economic Quarterly
基金
国家自然科学基金项目(71172205
71372126和71502161)
教育部人文社会科学研究规划项目(15YJA630054)
教育部新世纪优秀人才支持计划
浙江省自然科学基金项目(LQ14G020011)
浙江省"之江青年社科学者"(G267)
武汉大学人文社科"70后"学者学术发展计划的资助
关键词
国有化
产权保护
政府控制
nationalization, property rights protection, government control
