Research on financial efficiency loss from the perspective of externality of efficiency loss of state-owned enterprises

摘要

In order to explore the cumbrance effect of state-owned enterprises (SOE) on regional financial efficiency (FINC) and expand the research field of efficiency loss of SOE, this paper bases on the externality of efficiency loss, considering that the soft budget constraint caused by the policy burden of SOE would lead to the reduction of their own benefits and the financial crowding out effect on regional non-state-owned enterprises, and then reduces the efficiency of regional financial institutions. Using 31 provinces (municipalities and autonomous regions) panel data from 2006 to 2015, applying fixed effects-random effects model to verify the impact of the proportion of SOE on FINC, the results of which show that the higher the proportion of SOE is, the higher non-performing loan rate (NPLR) in the region will be. Finally, according to the above analysis, this paper puts forward corresponding policy suggestions.