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Should the Stateowned Enterprises Turn to Assetlight Strategy? ——A Comparative Empirical Analysis between Industry Sector and Circulation Sector

【Authors】
XIE Lijuan, WANG Shixun
【WorkUnit】
School of Business, Renmin University of China, 100872
【Abstract】

Although more and more enterprises tend to construct cooperating governance through outsourcing and resource integrating, the state-owned enterprises(SOEs)still engage in heavy-asset operation. Based on case study, we find that such operation partly stems from the ‘macro function’ while the SOEs also take advantages of the heavy-assets by self-service. The ‘industry control’ from the macro function and the ‘self-service’ from the enterprise itself lead to the competitive advantage of differentiation, and the self-service also contributes to the cost leadership. We also use the empirical models to analyze the relationship between the enterprise efficiency and the heavy-asset, where the sample is divided into the industry, wholesale and retail to distinguish industries-differences. The results reveal that the heavy-asset has a significant negative influence on the efficiency. However, the SOEs weaken such negative impact, which shows a stronger effect in the retail than wholesale. The SOEs in the industry suffered productivity loss probably due to over-investment while the management of the heavy-asset is operated pretty well. From the case study and empirical models, we suggest that the SOEs should not turn to the light-asset operation arbitrarily but maximize the strength of the heavy-asset which has been formed for years. And the whole industries also benefit from the appropriate ratio of the heavy-asset and the light-asset.

JEL: D51, L14, M21

【KeyWords】
State-owned Enterprise, Heavy-asset Operation, DEA, Efficiency Mechanism