A Comparison of Financing Utilization Efficiency Among Stated Owned, Private and FDI Enterprises

摘要

The state-owned industrial enterprises play a pivotal role in China's economy. They enjoy a lot of favors in financing, taxation and industry entrance. However, in recent years, the contribution of their output to the total industrial output of the nation displayed a trend of decline, much lower than that of the private-owned enterprises, and barely higher than that of the FDI enterprises. This showed that the efficiency of the state-owned industrial enterprises was not high. This article compares the efficiencies of financing utilization among the state-owned, private and FDI industrial enterprises. The capital-profit ratio of the state-owned industrial enterprises was lower than those of the private and FDI enterprises. If we analyze the efficiencies of financing utilization from the perspective of the structure of financing, the asset-liability ratio of the state-owned industrial enterprises was higher than those of the other two types of enterprises, while the number of capital turnover and the rate of capital cash were lower than the other two types of enterprises, which showed that state-owned enterprises relied on extraneous financing heavily and had weaker repayment capabilities. The article used DEA Model to make the comparison studies of the comprehensive capital allocation efficiencies of the state-owned enterprises among different areas. We found that in the comprehensive efficiency, pure technological efficiency and scale efficiency, the Northeast China was the highest and the West China the lowest. However, the capital allocation efficiency in the West area was displaying increasing returns to scale, a sign of tremendous potentials.