民营化、产权保护与企业风险承担

Privatization,Property Rights Protection and Corporate Risk-Taking

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 analyzes the risk choice during the process of privatization of state-owned enterprises. Using unique database of fully privatized firms from 1998 to 2011 in China, we employ the Difference in Differences model and find that the corporate risk-taking is significantly increased after privatization. We further test the impacts of property rights institutions and contracting institutions on risk-taking in the process of privatization. The results show that the impact on corporate risk-taking in the process of privatization is more pronounced in provinces with good property rights institutions, while the contract institutions have little explanation. This paper not only provides new explanations from the perspective of privatization for the determinants of corporate risk taking, but also contributes to the further understanding of how different institutions affect the consequences of privatization from the perspective of risk-taking. The results are conducive to clarify the controversy on The State-Owned Economy Expands and the Private Economy Shrinks （ guojinmintui ） , and have significant policy implications for further promoting the reform of privatization of state-owned enterprises and improving property rights protection of private firms in China.