State Ownership and Firm Performance： A Revisit  

作　　者：Kangtao Ye Hang Liu 

机构地区：[1]School of Business,Renmin University of China,Beijing 100872,China

出　　处：《Frontiers of Business Research in China》2012年第2期201-217,共17页中国高等学校学术文摘·工商管理研究（英文版）

基　　金：This work is sponsored by the National Natural Science Foundation of China （No. 71072145 and 71132004）.

摘　　要：The low efficiency of state-owned enterprises （SOEs） is widely accepted by academics. However, the accounting literature shows that non-SOEs are more likely to engage in earnings management, which artificially boosts their financial performance. This suggests that the higher financial performance in non-SOEs may be merely cosmetic. This study compares the real financial performance between SOEs and non-SOEs, while the real performance is obtained by estimating the level of earnings management and removing it from the reported financial performance. The result shows that there is no significant difference in real performance between SOEs and non-SOEs. This study sheds new light on the debate over the efficiency of SOEs and the relationship between ownership structure and financial performance.The low efficiency of state-owned enterprises （SOEs） is widely accepted by academics. However, the accounting literature shows that non-SOEs are more likely to engage in earnings management, which artificially boosts their financial performance. This suggests that the higher financial performance in non-SOEs may be merely cosmetic. This study compares the real financial performance between SOEs and non-SOEs, while the real performance is obtained by estimating the level of earnings management and removing it from the reported financial performance. The result shows that there is no significant difference in real performance between SOEs and non-SOEs. This study sheds new light on the debate over the efficiency of SOEs and the relationship between ownership structure and financial performance.

关 键 词：state-owned enterprises （SOEs） earnings management firm performance ownership structure 

分 类 号：F275.1[经济管理—企业管理] F121.2[经济管理—国民经济]