地区财政压力与地方政府减持之关系——来自我国上市公司的经验证据

The Relationship between Regional Financial Pressure and Local Government's Reduction of Shares——An Empirical Evidence from Listed Companies in China

近年来频繁出现地方政府减持上市公司股票的现象,地方政府减持被理解为充实地方财政、缓解政府财政压力的手段。以我国证券市场2009~2013年发生地方政府减持的地方国有上市公司为样本,实证检验地区财政压力与地方政府减持的关系,结果表明:在控制了被减持公司特征的影响后,所在地区财政压力越大,地方政府发生减持的概率越大,并且减持规模越大。这意味着,当地方政府面临财政资金紧张的局面时,会通过减持其持有的地方国有上市公司股票来缓解其财政压力。应警惕地方政府在减持过程中利用信息优势侵害中小投资者利益的机会主义行为。

In recent years,the local governments frequently reduce the shares of listed companies. This reduction is seen as to enrich the local finance and relieve the financial pressure of local governments. Based on the samples of the reduction of local state-owned listed companies of local governments in security market from 2009 to 2013,an empirical study is conducted in this paper to analyze the relationship between regional financial pressure and local government reduction. The result shows that after controlling the effect of the characteristics of companies whose shares are reduced,the greater the financial pressure in the region is,the greater the probability of the local government to reduce the holdings is and the larger the reduction is. This means that when local governments face financial constraints,they will ease their financial pressure by reducing their holdings of local state-owned listed companies. It is wary that the local governments may do harm to small and medium investors in the in the process of reduction taking advantage of information.