国有企业双层分配关系的公平与效率研究

本文实证考察上市公司许继电气、格力电气和四川长虹的双层分配关系的公平和效率问题。从公平性来看，许继电气在2003年之前存在资本偏向分配，之后存在劳动偏向分配；格力电器一直存在资本偏向分配；四川长虹主要表现为劳动偏向分配。在管理层和职工之间，许继电气和格力电器存在管理层偏向分配，而四川长虹在2008年之前存在管理层偏向分配，其后存在职工偏向的分配。从收入分配关系影响来看，资劳收入比对企业效率没有显著影响，而高管员工差距对企业效率的存在负面影响。从经验数据来看，当兼顾公平与效率时，许继电气、格力电器和四川长虹综合指数最高年份分别是2004、2003和2006年。鉴于上述情形，企业应当根据现实情况从治理机制上进行改进，实现较好的分配关系。

Research on Fairness and Efficiency of Double Distribution of State-owned Enterprises

This paper examines fairness and efficiency of double distribution of the listed corporations Xuji Electric, Geli Electric and Sichuan Changhong empirically. From the view of fairness, in Xuji Electric there is capital biased distribution before 2003, and then labor biased distribution; there has been capital biased allocation in Geli Electric; there is mainly labor biased distribution in Sichuan Changhong. Between management and employees, there is management biased distribution in Xuji Electric and Geli Electric, and there is management biased distribution before 2008 and then employee biased distribution in Sichuan Changhong. Capital labor income ratio has no significant impact on the efficiency of enterprises, and the gap between senior executives and staff has negative impact. Empirical results show that when considering the balance between fairness and efficiency, the years of the highest comprehensive index were 2004, 2003 and 2006 in Xuji Electric, Geli Electric and Sichuan Changhong respectively. In view of the above findings, the enterprises shall improve the governance mechanism to achieve better allocation relationship according to current situation.