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工业领域中,国有工业资本与非国有工业资本的效率差距是否会随着改革的进程得到改善关系到工业改革下一步的路径取向。本文基于工业领域2003—2011年的数据发现:(1)国有工业资本与非国有工业资本的净资本回报率差距并未随经济改革的推进而缩小。(2)越是倾向于国有企业的宽松财政政策和货币政策,反而导致国有工业资本的效率落后于非国有资本。(3)在公用事业领域,私有工业的资本效率逐渐超过了外资工业;在战略性资源领域,外资工业资本的效率最高;在一般竞争领域,私有工业资本的效率最高。
In the industrial field, whether the efficiency gap between state-owned industrial capital and non-state-owned industrial capital will be improved along with the reform process is a matter of the next path toward industrial reform. Based on the data from 2003-2011 in the industrial field, this article finds: (1) The gap between the return on net capital of state-owned industrial capital and that of non-state-owned industrial capital has not narrowed with the progress of economic reform. (2) The more inclined to the loose fiscal and monetary policies of state-owned enterprises, the more inefficient the state-owned industrial capital lags behind the non-state capitals. (3) In the field of public utilities, the capital efficiency of private industry gradually outstrips that of foreign-funded industries; in the strategic resource field, foreign industrial capitals have the highest efficiency; private industrial capitals have the highest efficiency in the general competitive field.