国有金字塔层级对公司风险承担的影响——基于政府控制级别差异的分析

The Effect of State Pyramidal Layers on Corporate Risk Taking——Based on the Difference of Government Control Levels

金字塔股权结构是当前公司治理领域的研究前沿与热点问题,现有金字塔股权结构问题的研究过多地关注民营金字塔股权结构,而忽视了占中国证券市场主体的国有金字塔股权结构问题。在转型经济的中国普遍存在着政府干预企业尤其是国有企业的现象。在继续深化国有企业改革与政府不断放权的背景下,本文以中国沪、深两市A股国有控股非金融类上市公司为研究对象,通过手工搜集国有金字塔层级数据量化政府放权程度,研究了国有金字塔层级如何影响企业风险承担,以及这种影响在不同政府控制级别的公司间所存在的差异。研究结果表明,国有金字塔层级的延长降低了政府干预程度,有助于提高企业决策权和经营活力,提升国有企业风险承担水平;而且,与中央政府控制企业相比,地方政府尤其是市、县级政府控制企业国有金字塔层级对公司风险承担的促进作用显著更大。同时,本研究还发现,随着国有金字塔层级的延长,政府干预程度降低,企业价值相对较高,提高公司风险承担有利于增加企业价值,在国有金字塔层级与企业价值间的关系中,风险承担发挥着显著的中介作用。本研究表明中国国有企业改制第二条路径具有积极的实施效果,对进一步推动国有企业改革、提高企业活力和风险承担具有重要的启示意义。

Pyramid ownership structure is the research frontier and hot topics in the field of corporate governance. Existing research on pyramid ownership structure are mainly related to private pyramid ownership structure, while ignoring the state-owned pyramid structure which is the main body of China＇s securities market. In the transition economies of China, the phenomenon that governments intervene in enterprises, especially in state- owned enterprises is very common. In the background of continue to deepen state-owned enterprises reform and decentralization of government, this paper use a firm-level dataset of Chinese listed state owned companies, measuring government intervene by state pyramidal layers collected through manually data, this paper studies how state pyramidal layers affect corporate risk taking, and the difference of the above effect under different government control ranks. The results show that the extension of layers of state pyramidal structure can reduce the government intervention and improve the decision-making rights and operating vitality, and enhance the corporate risk taking level. Compared to central government controlled companies, the promoting effect of state pyramidal layers on corporate risk taking in local governments, especially city or county government controlled companies is significantly larger. At the same time, with the extension of the layers of state pyramidal structure, the government intervention is reduced and the firm value is relatively high. While the improvement of corporate risk taking is conducive to enhance firm value, corporate risk taking plays a significant mediating role between the layers of state pyramidal structure and firm value. The study suggests that the second path of the reform of state owned companies has a positive implication effect. This paper also has important implications for further promoting of the reform of state owned companies, enhancing the company vitality and risk taking level.