产权保护、信息透明度与公司价值——基于深市A股上市公司的经验证据

Property Rights Protection,Information Transparency and Firm Value——Empirical Evidence from Shenzhen A-share Listed Firms

信息披露的经济后果是一个非常重要的研究课题。本文以我国2003~2012年深市A股非金融类上市公司为样本,研究不同产权保护条件下,高信息透明度是否有助于提升公司价值。检验结果发现:高信息透明度虽然总体上有助于提升公司价值,但主要表现为产权保护较好地区的公司,而对产权保护较差地区的公司则无显著作用。进一步检验还发现,对于有政治关联、代理问题更严重的非国有企业,信息透明度更有助于提升公司价值。以上研究结果表明,在产权保护较弱的环境下,并不是信息越透明越有助于公司价值的提升,相反还可能导致企业被掠夺的风险。因此,在推进企业信息披露水平提升的同时,需要进一步提高法律保护水平以及完善公司治理机制,从而更好地保护企业生产者与股东的权益。

The economic consequence of information disclosure is a very important research subject. This paper selects 2003-2012 Shenzhen A-share non-financial listed firms as a sample, to study whether the information transparency can help to enhance the firm value. The results show that： although the information transparency can help to enhance the firm value, it mainly appears in the well-developed area of property rights protection. Further tests have also found that more information transparency is helpful to improve the firm value for non-SOEs with political connection or serious agency problem. Therefore, together with promoting the level of information disclosure, there is a need to further improve the level of legal protection and corporate governance mechanisms, so as to better protect the interests of producers and shareholders.