限售股减持:利润平滑还是投资收益最大?  

On the Incentives of Selling Non-Tradable Share:Income Smoothing or Investment Returns Maximization?

作　　者：王玉涛[1] 陈晓[2] 薛健[2] 

机构地区：[1]中央财经大学会计学院,北京100081 [2]清华大学经济管理学院,北京100084

出　　处：《金融研究》2013年第1期164-176,共13页Journal of Financial Research

基　　金：国家自然科学基金资助项目(项目批准号71102124和71272025);中央财经大学"211工程"重点学科建设项目;北京市教育委员会共建项目资助

摘　　要：摘要:限售股减持在为股东企业兑现投资收益的同时,也能帮助其改善会计利润,因此限售股成为部分企业平滑利润的蓄水池。本文研究考察了不同产权性质的企业减持限售股的动机。我们发现民营企业出售限售股所获投资收益显著高于国有企业,而国有企业更倾向于在当期主营业务利润较低或亏损、业绩增长较少、盈利持续性较低时减持限售股。这一发现意味着国有企业减持限售股更多地是为了平滑利润,而民营企业则为了实现投资收益最大。本文的研究结果对国有企业业绩考核体系的改革具有重要的参考价值与借鉴意义。Selling non - tradable shares can not only bring cash returns to companies, but also help companies smooth their earnings. Hence, non - tradable shares are the reservoir to adjust earnings for listed firms. This paper investigates incentives of selling non - tradable shares. We find that SOEs tend to sell securities when their operating earnings and earnings growth are low, or when their earnings are less persistent; The investment return from selling non - tradable shares is significantly higher for non - SOEs than SOEs. These results suggest that the incentive of SOEs to sell non - tradable shares is to smooth earnings and that for non - SOEs is to maxi- mize investment returns. Our findings have policy implications for the reform of the performance evaluation sys- tem of SOE firms.

关 键 词：限售股减持 产权性质 利润平滑 投资收益 

分 类 号：F832.51[经济管理—金融学] F224