民营化、产权保护与企业风险承担

发布时间：2019-03-24 21:08

【摘要】：本文检验民营化能否促进企业在投资决策中承担更多的风险。以1998—2011年A股上市公司为样本,使用双重差分模型,检验结果发现,国有企业在民营化后风险承担水平显著提高。文章进一步检验了在产权制度和契约制度不同的地区,民营化的风险承担效应的差异。结果发现,在契约制度不同的地区,民营化的这种风险承担效应没有显著差异,而在产权制度更好的地区,民营化的风险承担效应显著更强。本文不仅从民营化的视角为风险承担提供了新的解释,同时也为不同产权保护制度的作用提供了微观层面的新证据。此外,本文的研究结果有助于澄清有关"国进民退"的争议,并对进一步深化国有企业的民营化以及完善民营企业产权保护具有重要的政策含义。
[Abstract]:This paper examines whether privatization can promote enterprises to take more risks in their investment decisions. Taking A-share listed companies from 1998 to 2011 as samples, the double-difference model is used to test the results, and the results show that the risk-bearing level of state-owned enterprises is significantly increased after privatization. This paper further examines the difference of risk-taking effect of privatization in different areas of property rights system and contract system. The results show that there is no significant difference in the risk-bearing effect of privatization in different areas of contract system, but the risk-taking effect of privatization is stronger in the areas with better property rights system. This paper not only provides a new explanation for risk taking from the perspective of privatization, but also provides new evidence at the micro level for the role of different property rights protection systems. In addition, the research results of this paper can help to clarify the dispute about "national advance and private retirement", and have important policy implications for further deepening the privatization of state-owned enterprises and perfecting the protection of property rights of private enterprises.
【作者单位】：武汉大学经济与管理学院;浙江财经大学会计学院;
【基金】：国家自然科学基金项目(70972090、70902052、71172205、71272229、71372126) 教育部“新世纪优秀人才支持计划” 教育部哲学社会科学重大课题攻关项目(10JZD0019) 武汉大学人文社科“70后”青年学者学术团队计划的资助
【分类号】：F832.51;F276.1;F224

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