CAJ | 학술논문

零售行业因其高度市场化的特点成为当前国企改革的重要领域。本文在对混合所有制经济在我国零售业发展现状分析的基础上，以2009—2013年沪深两市上市公司为样本，着重研究产权性质、产权结构与绩效的关系。实证结果表明：国有零售企业绩效低于民营企业；民营零售企业的股权集中度与绩效呈正相关关系，适当引入国有资本能够提升绩效；国有零售企业的股权集中度与绩效没有显著关系，但是引入其他所有制资本能够改善绩效。国有资本应率先退出零售行业，或者提高零售行业中混合所有制的比例，允许民企控股，从而实现彻底的市场化运营。
령수행업인기고도시장화적특점성위당전국기개혁적중요영역。본문재대혼합소유제경제재아국령수업발전현상분석적기출상，이2009—2013년호심량시상시공사위양본，착중연구산권성질、산권결구여적효적관계。실증결과표명：국유령수기업적효저우민영기업；민영령수기업적고권집중도여적효정정상관관계，괄당인입국유자본능구제승적효；국유령수기업적고권집중도여적효몰유현저관계，단시인입기타소유제자본능구개선적효。국유자본응솔선퇴출령수행업，혹자제고령수행업중혼합소유제적비례，윤허민기공고，종이실현철저적시장화운영。
Because of the high level of marketization,the retail industry has become the focus of reform in the state-owned enterprises. Based on the analysis of the current situation of mixed ownership in China’s state-owned retail enterprises,and taking the listed companies in Shanghai and Shenzhen from 2009 to 2013 as the sample,the author carries out the research on the relation among the nature of ownership,the structure of ownership and performance. It shows that：the performance of state-owned retail enterprises is lower than that of private retail enterprises;the relation between the concentration of shares in private retail enterprises and performance is positive,and the introduction of state capital will improve the performance;there is no significant relation between the concentration of shares in state-owned retail enterprises and the performance,and the introduction of other kind of capital can improve the performance. We should withdrew the state-owned capital from retail industry or increase the proportion of mixed ownership in this industry and give permission to private capital to have the control power to realize the thoroughly marketed operation.