控股股东特质与亏损上市公司扭亏途径及效果——基于中国2005年亏损上市公司的经验证据

The Characteristics of Controlling Shareholders and Approaches and Effect of Loss Reversal of Loss Listed Companies——Evidences Based on Chinese Loss Listed Companies from 2005

文章以2005年中国发生亏损的277家上市公司为样本,运用描述性统计分析和两独立样本的T检验及非参数检验的方法,就控股股东特质(国有产权还是私有产权属性)对亏损上市公司的扭亏途径及扭亏效果的影响进行了实证研究。研究发现:在扭亏为盈的亏损上市公司中,国有产权属性的亏损上市公司在内部扭亏途径中比私有产权属性的亏损上市公司更倾向于使用扩员、增加无形资产、高管变更、削减成本等具体措施,在外部扭亏途径中比私有产权属性的亏损上市公司更倾向于使用税收减免、资产置换、担保、资产出售与转让、补贴收入及债务重组等具体措施;在同等条件下,无论是国有产权属性的上市公司还是私有产权属性的上市公司,当它们发生亏损时,公司的管理层都存在相同程度的扭亏动机,但是,私有产权属性的亏损上市公司在亏损以后发生的扭亏程度明显高于国有产权属性的亏损上市公司。

This article uses the 277 loss listed companies as samples in China in 2005,using descriptive statistical analysis and two independent samples T-test and the method of non-parametric test characteristics of the controlling shareholder（the state-owned property or private property rights） on the the losses of loss listed companies.The results shows that： in the listed companies that turn losses into gains,the loss of state-owned property rights listed companies are more inclined to expand the staff,increase the intangible assets,executives change,cut costs and other specific measures than the loss of private property listed companies in the way of internal making up deficits;more inclined to use tax breaks,asset replacement,guarantees,asset sale and transfer,subsidy income and debt restructuring and other specific measures in the way of external making up deficits.Under the same conditions,both state-owned property or private-owned property listed companies,when losses occur,the companies＇ management have the same degree of making up losses motivation.However,the degree of making up losses of the loss of private property listed companies is significantly higher than the loss of state-owned property rights listed companies after losses occurred.