非上市国有企业信息公开披露:逻辑与事实  

Public Information Disclosure of Unlisted SOEs: The Logic and Facts

作　　者：綦好东[1,2] 王斌[1,2] 王金磊[1,2] 

机构地区：[1]山东财经大学会计学院,250014 [2]中国海洋大学管理学院,266100

出　　处：《会计研究》2013年第7期20-27,96,共8页Accounting Research

基　　金：教育部人文社会科学研究项目"基于公司治理导向的国有企业信息披露与监管制度研究"(09YJA630084)的研究成果

摘　　要：本文基于产权经济学和制度经济学理论,阐释了公有产权与治理效率、垄断与公信力、非上市与管制三组关系,得出充分、及时、公开、持续的信息披露才是提高非上市国有企业治理有效性之关键的推论。通过对107家非上市央企样本进行的研究发现,我国非上市国有企业信息披露存在社会责任披露多、财务数据披露少且有选择性、高管薪酬零披露、正负面重大事项区别对待、及时性明显不够等诸多问题。为寻找逻辑推论与事实差异的原因,本文进一步考察了披露渠道和行业特征与制度安排的关系,佐证了制度缺失是非上市国有企业信息公开披露种种问题之根源的论点。Based on property economics and institutional economics,this paper interprets three sets of relationships: public property rights and governance efficiency,monopolization and credibility,and the unlisted and regulations,coming to the inference that information disclosure with sufficiency,timeliness,publicity and persistence is the critical factor to increase the unlisted SOEs' governance effectiveness.After analyzing 107 unlisted central SOEs,we found that the CSR was disclosed plentifully,financial information was exposed rarely and selectively,executive compensation was totally concealed,and positive or negative major events were treated differently and lack of timeliness.In order to explore the root cause of the differences between logical reasoning and actual facts,this paper further investigates the relationship between institutional arrangement and disclosure channels as well as industry characteristics,with the conclusion that institution deficiency is the root cause of the various issues the unlisted SOEs' information disclosure encounters.

关 键 词：非上市国有企业 信息披露 制度缺失 

分 类 号：F276.1[经济管理—企业管理] F275[经济管理—国民经济]