Ownership and Productivity in Vertically Integrated Firms: Evidence from the Chinese Steel Industry
利用中国钢铁企业各生产环节的设备级数据，估计多阶段生产系统，发现所有权对整体生产率无显著影响，但私营企业在炼铁和炼钢环节表现更好，在烧结环节落后，原因在于原材料质量和自动化技术差异。
Abstract We study productivity differences in vertically integrated steel facilities using equipment-level information on inputs and output for each of the main stages in the value chain. We obtain stage-level productivity estimates by estimating a multistage production system and then integrate them into estimates for integrated facilities. At this level, we do not find statistically significant differences in productivity by ownership. This conceals important differences upstream and downstream in the value chain: private firms outperform in pig iron and steelmaking but lag in sintering. Inferior access to higher-quality raw materials and use of less automated technology are likely sources of these differences.