世界银行-罗马尼亚的国家所有权有限制吗？：企业绩效与市场结果评估（英）-2023.12-47页_1mb

Romanian state-owned enterprises (SOEs) are widespread, with over 1,400 firms owned by central or local governments. This report assesses SOE performance relative to private firms and their impact during the COVID-19 crisis.

SOEs generally employ more people, have higher average wages, and larger assets per worker than private enterprises (POEs), but they are less productive. Majority-owned, directly-owned, and locally-owned SOEs show stronger performance in growth, but minority SOEs underperform. Ownership and control levels influence performance; direct supervision and local ownership correlate with higher subsidies, but this doesn't improve productivity.

Subsidies favor SOEs, particularly majority and directly-owned ones, with larger amounts given even when controlling for productivity. SOEs buffer job and wage losses during COVID-19 better than POEs, primarily in competitive sectors. However, their presence limits market outcomes, reducing business dynamism and allocative efficiency, thereby hindering overall productivity growth.

Policy recommendations emphasize reforming SOEs to ensure a level playing field, promote competitive neutrality, and enhance allocative efficiency to support economic growth.