Should the Stateowned Enterprises Turn to Assetlight Strategy? ——A Comparative Empirical Analysis between Industry Sector and Circulation Sector
- XIE Lijuan, WANG Shixun
- School of Business, Renmin University of China, 100872
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
- State-owned Enterprise, Heavy-asset Operation, DEA, Efficiency Mechanism