作者：唐松,温德尔,施晶晶
关键字：产权保护；信息透明度；创业型民营企业；国有转制型民营企业
摘要/Abstract
本文根据产权理论考察产权保护对民营企业信息透明度的影响。本文选取了2003-2012年间上市时实际控制人为个人或家族的民营企业作为样本，按照产权的最初始形成方式的差异，将其划分为国有转制型与白手起家的创业型民营企业两类。本文认为，国有转制型民营企业由于在获得产权的过程中往往存在着诸多灰色的政商利益纠葛，致使其在后续的产权执行过程中往往面临着更多的政府掠夺的威胁。于是，这类企业更有动机使企业变得不透明以保护自身产权不受侵害。相应地，实证检验发现，与创业型民营企业相比，国有转制型民营企业的会计盈余信息含量显著较低、股价同步性显著较高。这说明国有转制型民营企业更不透明。进一步的研究还发现，国有转制型民营企业上市时的IPO抑价更高，说明投资者在IPO时就理性预期到了这类企业的产权保护缺陷和由此导致的信息不透明问题。总之，本文的研究表明，产权保护确实会影响民营企业的信息透明度。在产权保护薄弱的情况下，降低信息透明度是民营企业实施自我产权保护的一种重要方式。
This article, based on the theory of property rights, studied the effect of property right protection on the information transparency of private enterprise. This article selects the private enterprises listed between 2003 and 2012 whose actual controllerwas an individual or a family as samples, and, according to the property’s original form, divides the samples into state-owned private enterprises and self-made entrepreneurial private enterprises. We think that the state-owned private enterprises, because there are often a lot of interests exchange between government officials and merchants in the process of entanglement, the execution of the subsequent property right often faced with the threat of government plunder. So, such companies are more motivated to make enterprises become opaque to protect their own property rights against infringement. Accordingly, we find that, compared with entrepreneurial private enterprises, the information content of state-owned private enterprises’accounting surplus is significantly lower, and the stock price synchronicity significantly higher. This suggests that system transferred state-owned private enterprises are more opaque. Further research also find that listed state-owned private enterprises have a more significant IPO underpricing, showing that investors in the IPO as rational expectations to the defects of this kind of enterprise property rights protection and the resulting information transparency. All in all, this paper shows that property protection does affect the information transparency of private enterprise. In the case that property rights protection is weak, reducing the information transparency is an important way for private enterprise to protect its property right.
全文阅读：https://www.sinoss.net/qikan/2015/1022/14118.html