国有股权、会计信息与长期借款契约——基于民营公司IPO国有股权比例及变化的实证研究

摘要笔者以1998年～2011年IPO民营化的上市公司为样本,实证分析IPO时国有股权比例及后续变化、会计信息与长期借款契约的关系,研究发现:(1)IPO当年民营公司国有股比例越高,长期借款契约对于企业资产担保能力和会计盈余稳健性要求越低。(2)IPO下一年民营公司国有股份增加越多,增量长期借款契约签订对于资产担保能力和会计盈余稳健性要求也越低。上述发现表明民营企业IPO时国有股权比例及后续变化有企业增强融资能力的内在目的。

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	潘克勤

关键词： IPO民营化国有股份担保能力盈余稳健性长期借款契约

Abstract： Adopting the listed private enterprises during 1998 to 2011 as samples, this paper empirically studies the relationship among the long-term loan contract and the ratio of state-owned shares when IPO and its subsequent changes in next year, and the accounting information. It finds that: (1) the higher the proportion of state-owned shares in the IPO year, the lower requirement for enterprise assets guarantee ability and accounting surplus robustness when private enterprises achieve long-term loan contracts; (2) in the next year after IPO, the more state-owned shares increase, the lower requirement for enterprise assets guarantee ability and accounting surplus robustness when private enterprises achieve incremental long-term loan contracts.

Keywords： Privatization by IPO State Property Right Guarantee Ability Accounting Surplus

收稿日期 2014-11-14; 接受日期 2014-11-14;

基金资助:国家自然科学基金面上项目(71072084);教育部人文社科研究一般项目(09YJAZH027)

作者简介: 潘克勤(1968- ),男,会计学博士,河南财经政法大学会计学院教授,硕士生导师,主要从事公司治理与独立审计、转型期民营企业政治战略及其影响研究。

引用本文:

潘克勤.国有股权、会计信息与长期借款契约——基于民营公司IPO国有股权比例及变化的实证研究[J]. 经济经纬, 2014,6: 114-119

PAN Ke-qin.State Property, Accounting Information, and Long-term Loan Contract — An Empirical Study Based on Ratio of State-owned Shares of Private Enterprise[J] Economic Survey, 2014,V31(6): 114-119

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2014/V31/I6/114