That SOEs are inefficient is still a consensus in most economic literature. However, in recent studies, more and more arguments are made in favor of the efficiency of SOEs, yet existing empirical studies are mostly based on production industry data as samples. On the basis of adopting distribution samples and conducting a cross-sector comparison between the production industry and the distribution sector, this paper offers a multi-perspective empirical assessment on the efficiency of SOEs. Through the analysis of major financial indicators and adopting the Data Envelopment Analysis-Malmquist index for total factor productivity comparison, we find that SOEs generally do not have any disadvantage in efficiency and their superior efficiency is particularly pronounced in the distribution sector as compared with production industry. Moreover, the high share and high efficiency of state capital in the wholesale sector needs particular attention. This paper employs case studies to reveal the positive correlation between the assets-heavy operation of state-owned wholesale firms and their profitability. The implications are as follows: policymakers must deliberate prudently before deciding to withdraw or increase state capital in various sectors; in the wholesale sector where state capital is more efficient, the functions of state capital can be bolstered by increasing its presence in the sector; the notion that state capital must be withdrawn from competitive sectors cannot be adopted likely, nor should the benefits of asset-light operation be exaggerated.
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