恒产者恒心:“原罪”嫌疑、产权保护与民营企业绩效

People with Permanent Property Rights Have Perseverance: Original Sinsuspicion, Property Rights Protection,and Performance of Private Listed Firms

本文从产权保护视角考察民营企业家"原罪"嫌疑对其所经营企业绩效的影响。研究发现:与创业型企业相比,国有转制型民营企业的绩效显著较差;这一现象在产权保护较差地区更为明显。在"郎顾之争"事件中,国有转制型企业的市场反应显著差于创业型企业;而当最高人民法院宣布再审三起重大产权案件时,其市场反应则显著更好;《物权法》施行后,两类企业绩效差异显著缩小;此外,国有转制型企业更多地通过关联交易转移资源且创新投入较少。

From the perspective of property rights protection, we investigate how entrepreneurs’ original sin suspicion affects their firm’s performance. We find that the performance of privatized firms is significantly lower than that of the de novo private firms. And the phenomenon is more pronounced in provinces with weak property rights protection.We also find a significantly negative market reaction for privatized firms during the "Lang-Gu Debate" and a significantly positive reaction when Supreme Court announced the retrial of three important property rights cases.After the implementation of the Property Law, the performance difference between the two types of firms significantly narrowed.