管理评论

管理评论 ›› 2020, Vol. 32 ›› Issue (12): 37-48.

• 经济与金融管理 • 上一篇    下一篇

混合所有制改革：上缴红利、转移支付与社会福利效应

梁永福1, 王凤生2, 陈林3   

  1. 1. 广东工业大学经济与贸易学院, 广州 510520;
    2. 中南财经政法大学文澜学院, 武汉 430073;
    3. 暨南大学产业经济研究院, 广州 510632
  • 收稿日期:2018-04-25 出版日期:2020-12-28 发布日期:2020-12-30
  • 通讯作者: 陈林(通讯作者),暨南大学产业经济研究院研究员,博士生导师,博士
  • 作者简介:梁永福,广东工业大学经济与贸易学院副研究员,博士;王凤生,中南财经政法大学文澜学院教授,博士生导师,博士。
  • 基金资助:
    国家自然科学基金面上项目（71773039）；广东省自然科学基金自由申请项目（2016A030313782；2018A0303130039）。

Mixed Ownership Reform: Dividend Payout, Transfer Payments and Social Welfare Effects

Liang Yongfu1, Wang Fengsheng2, Chen Lin3   

  1. 1. School of Economics and Commerce, Guangdong University of Technology, Guangzhou 510520;
    2. Wenlan School of Business, Zhongnan University of Economics and Law, Wuhan 430073;
    3. Institute of Industrial Economics, Jinan University, Guangzhou 510632
  • Received:2018-04-25 Online:2020-12-28 Published:2020-12-30

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摘要： 在混合所有制企业中，现行的红利上缴制度会产生什么影响?面对日趋激烈的国际竞争，红利上缴比例是否需要调整，而这种调整又会否对最优国有资本比重乃至社会福利水平产生影响?为此，本文采用数理模型进行理论分析，研究了混合所有制改革、红利上缴制度和财政转移支付效率之间的联动效应，并对最优的国有持股策略和社会福利水平进行了研判。结果显示：①混合所有制改革与国有企业红利上缴制度之间存在关联效应，对处于竞争程度较高行业的国有企业，红利上缴比例越高，国有资本比重则相应要降低；②红利上缴后的财政转移支付效率越低，混合所有制企业的非国有资本比重相应可以提高；③国有企业的红利上缴制度及其强度会实实在在影响社会福利，一般而言，红利上缴比例越高，社会福利水平将越低，但存在一个社会福利水平拐点。本文的主要政策含义如下：在现行的国有企业红利上缴制度下，对于国有经济比重大且市场竞争较激烈的产业，政府可以通过提高转移支付效率来增进社会福利，而非"简单粗暴"地实施混合所有制改革或调整红利上缴比例。

关键词: 混合所有制企业, 国有企业改革, 红利上缴, 转移支付, 最优国有资本比重

Abstract: In a mixed-ownership enterprise, what is the impact of the current dividend payout? Given increasingly fierce international competition, is it necessary to adjust the dividend payout ratio and will such adjustment affect the optimal proportion of state-owned capital and even social welfare? To answer this question, this paper uses mixed oligopoly model to make a comprehensive study on the linkage effects between the dividend payout of mixed ownership enterprise and the fiscal transfer payment system, and explores how they affect the optimal privatization strategy, tax rate and even social welfare. Results show that:(1) there is a clear correlationship between mixed ownership reform and dividend payout of state-owned enterprise. For the state-owned enterprises in a highly competitive industry, the higher the dividend payout is, the lower state-owned capital holdings should be. (2) Mixed ownership reform and fiscal transfer payment system can substitute each other. The lower the transfer payment efficiency is, the lower state-owned capital holdings should be. (3) The rate of dividend payout by state-owned enterprises will affect the total welfare level of the society. The higher rate of dividend payout by state-owned enterprises, the lower the level of social welfare will be, and there is a turning point. (4) The dividend payment system of state-owned enterprises will actually affect social welfare. The higher the dividend payout ratio, the lower the level of social welfare, but there is a turning point in social welfare. The main policy implications of this paper are as follows:Under the current state-owned enterprise dividend-paying system, in industries with a large proportion of state-owned capital and fierce market competition, the government can improve social welfare by improving transfer payment efficiency rather than "simple and reckless" implementation of mixed ownership reform or adjustment of the proportion of dividends payout.

Key words: mixed ownership enterprise, state-owned enterprise reform, dividend payout, transfer payment, optimal proportion of state-owned capital