国有企业控制权转移对企业风险承担的影响  

Controlling Rights Transfer of State-Owned Enterprises and Enterprise Risk-Taking

作　　者：张吉鹏[1] 衣长军[2] 李凝[1] ZHANG Jipeng;YI Changjun;LI Ning(Huaqiao University,362021)

机构地区：[1]华侨大学经济与金融学院,362021 [2]华侨大学工商管理学院,362021

出　　处：《财贸经济》2021年第8期130-144,共15页Finance & Trade Economics

基　　金：2019年中国侨联课题“‘一带一路’背景下中国企业‘走出去’与海外华侨华人经济转型升级双向赋能互动机理、空间布局研究”(19AZQK206);福建省社会科学规划重大项目“完善我省大统战工作格局研究”(FJ2020Z007)。

摘　　要：在混合所有制改革中,国有企业控制权转移对企业行为和绩效有着重要的影响。合理的风险承担对促进企业自身成长和宏观经济活力具有积极的意义。本文基于2003—2016年中国A股上市公司数据,构建多时点双重差分模型检验国有企业控制权转移对企业风险承担的影响及其机制。结果发现,国有企业控制权转移显著抑制了企业风险承担;第二类代理问题越严重,国有企业控制权转移对企业风险承担的抑制效应越明显,表明国有企业控制权转移通过控制权私利机制抑制了企业风险承担;进一步的异质性分析表明,股权制衡程度和机构持股比例越高以及地区法治水平和市场化程度越高,国有企业控制权转移对企业风险承担的抑制效应越弱。本文研究为理解国有企业控制权转移的经济效应提供了新的经验证据。优化内外部公司治理环境可以缓解国有企业控制权转移后企业过度规避风险倾向,提高企业风险承担水平。In the reform of state-owned enterprises(SOEs),whether to carry out privatized property rights reform has been controversial.This paper uses A-share listed companies from 2003 to 2016 as a sample and constructs a generalized difference in differences model to test the effect of controlling rights transfer of SOEs on risk-taking.The results show that controlling rights transfer of SOEs has significantly suppressed risk-taking.Tunneling of major shareholders positively moderated the influence of controlling rights transfer of SOEs and risk-taking.When the degree of equity balance and institutional ownership is higher,law protection level and marketization degree is higher,the negative influence of controlling rights transfer of SOEs on risk-taking is smaller.The empirical results show that non-state-owned controlling shareholders have strong incentives to avoid risks and pursue private interests after controlling rights transfer of SOEs.A better governance environment helps to weaken the negative relationship between controlling rights transfer of SOEs and risk-taking.The conclusions of this paper provide new empirical evidence for understanding the economic consequences of the SOE reform,and have important policy implications for regulators and the government to promote the development of non-state-owned enterprises and the SOE reform by optimizing the corporate governance environment.

关 键 词：国有企业 控制权转移 风险承担 控制权私利 

分 类 号：F276.1[经济管理—企业管理]