【摘要】 发展混合所有制经济的实质就是产权改革,针对是走"国退民进"还是"国民共进"道路的争论,还需要评价中国混合所有制企业进行产权改革的效果。为此,收集了827家上市公司2003~2014年的平衡面板数据,采用倾向评分匹配倍差法,分离了影响混合所有制企业进行完全民营化改革效果的其他因素,有效地避免了"选择性偏差"问题,结果发现产权改革显著提高了民营化企业的效率和社会福利,因而是卓有成效的。中共十八届三中全会之所以提出"积极发展混合所有制经济",不再继续进行民营化改革,是因为进一步剖析发现未匹配上的混合所有制企业效率和社会福利更高,且主要分布于垄断行业,所以垄断行业更适合发展混合所有制经济,其内在机制符合"效率论"和"公共利益理论",这与国内外垄断行业逆民营化现象和民营化效果不佳的现实一致,与坚持中国基本经济制度,走中国特色社会主义道路也一脉相承。更多还原

【Abstract】 Property right reform is the essence of developing mixed ownership economy. The argument between whether it is better to "withdraw the state economy and take in private economy"or "mutual development of the state economy and the private economy"depends on evaluating the effects of the property rights reform of China’s mixed ownership economy. To achieve the purpose,balanced panel data of 827 listed companies from 2003 to 2014 are collected,and difference-in-differences matching( DID) of propensity score matching( PSM) is used to delete other factors which may influence the privatization effect of mixed ownership enterprises. The problem of"selection bias"is avoided effectively,and it is found that property rights reform significantly improves the efficiency and the social welfare of privatized enterprises,so the reform is a success.The third Plenary Session of the 18 th CPC Central Committee proposed the strategy to "develop mixed ownership economy"instead of making privatization reform,the reason lies in the analysis that the efficiency and the social welfare of the unmatched mixed ownership enterprises are much higher,and it is more significant in monopoly industries. Therefore,it is better for monopoly industries to develop mixed ownership economy. The intrinsic mechanism is in line with the "efficiency theory"and the "public interest theory". It is consistent with the reality of the domestic and foreign monopoly industries against the phenomenon of privatization or the poor results of privatization,and adheres to the basic economic system of China and the road of socialism with Chinese characteristics.更多还原