中国工业企业财务业绩恶化趋势的现实及理论解释

相关文献中关于中国工业企业财务业绩愈趋恶化的研究 ,大致上可以归类为两种相互竞争的解说 ,一是“低效率体制导致业绩恶劣”论 ,二是“竞争强化侵蚀企业利润”论。本文在批评和综合上述两者的基础上 ,试图将被忽略的需求条件和产业结构变动纳入分析 ,并由此判断 ,企业财务业绩愈趋恶化其实是宏观因素和微观因素的共同结果 ,这意味着从上述两种解说得出的政策建议往往会陷于片面。

Scholarly explanations of the worsening financial performance of Chinese industry over the reform era, particularly the loss-making phenomenon, have coalesced around two rival stories-i.e., the “inefficient institutions causing poor financial performance” story and the “increased competition inducing profitability decline” story. This paper critically reviews the arguments and empirical substantiation of the two stories, and gives an alternative explanation that takes into account of demand conditions and industrial configurations in the analysis. On this basis, it is argued that the worsening financial performance is a macro as well as micro problem that points to the fundamental contradictions in contemporary Chinese political economy.