民营化改善公司绩效了吗?——基于盈利质量视角的分析  

Does Privatization Improve Firm Performance?An Analysis from the Perspective of Earnings Quality

作　　者：叶会[1] 季凤梁 程晓[1] Hui Ye Fengliang Ji Xiao Cheng(School of Accounting, Zhejiang Gongshang University, Hangzhou Zhejiang 310018, China)

机构地区：[1]浙江工商大学财务与会计学院,浙江杭州310018

出　　处：《会计与经济研究》2016年第6期30-45,共16页Accounting and Economics Research

基　　金：浙江省自然科学基金项目(LQ12G02011);国家自然科学基金项目(71302032)

摘　　要：基于因子分析法,分离出反映公司真实经营业绩的盈利质量因子,以2003-2011年219家彻底民营化公司为样本,重新检验民营化绩效问题。当以盈利水平和盈利增长因子(覆盖了以往大部分研究中采用的财务指标)来衡量绩效时,以往的研究结论仍得到重现:民营化改善了公司业绩,国有股对公司绩效起着负面影响。然而,这些指标极易受公司利润操纵的影响,如果公司在民营化前进行了向下的盈余管理,那么民营化后这些业绩指标的反弹可能是前期盈余管理释放的结果,并不必然意味着公司真实经营业绩的改善。在利用较为可靠的盈利质量因子作为绩效替代变量分析时发现:民营化后公司的盈利质量并没有提高,反而显著下降,尤其是地方政府控制的或者位于竞争性行业的国有上市公司,民营化后盈利质量下降更明显;国有股的作用也并非都是消极的,在竞争程度较低的受保护行业,国家持股对盈利质量起到积极的促进作用。With the factor analysis, this paper separates the earning quality factor that can reflect the real operating efficiency of corporation and re-examines the firm performance after complete privatization, with the samples of 219 firms during 2003-2011. With the profitability and growth factors, the most frequent used financial indexes in the literature, as indicators of firm performance, previous findings are replicated： the privatization improves firm performance and the state shareholding has negative impact on firm performance. However, these indexes are easily affected by earnings management and the improvement of these indexes may be the result of downward earnings management before privatization, which does not mean the actual improvement of firm performance. When the more reliable earnings quality factor is used to measure the firm performance, this paper finds that the earnings quality declines significantly after privatization, especially in the corporations controlled by the local government or corporations in more competitive indus- tries. Further study finds that the effect of state shareholding on firm performance is not always negative; it can improve earnings quality significantly, especially in low competitive and protected industries.

关 键 词：民营化 控制权 盈利质量 公司绩效 

分 类 号：F276[经济管理—企业管理]