非国有股东治理与国有企业会计信息可比性

Non-State-Owned Shareholders’Governance and State-Owned Enterprises’Accounting Information Comparability

基于混合所有制改革的背景,本文以2013―2019年沪深A股国有上市公司为样本,分别从股权结构和高层治理两个维度考察非国有股东治理对国有企业会计信息可比性的影响。研究发现,非国有股东治理能够显著提升国有企业会计信息可比性,且上述作用只存在于地方国企和市场竞争类国企。进一步研究发现,非国有股东治理显著增强会计信息可比性对非效率投资的抑制作用以及对公司价值的提升作用。本文研究结论丰富了非国有股东治理及会计信息可比性领域相关研究,同时也为监管部门进一步鼓励混合所有制改革、推动非国有股东参与治理以实现国有企业高质量发展,提供经验证据和政策建议。

Based on the background of mixed ownership reform,this study examines the impact of non-state-owned shareholders’governance on the comparability of accounting information from two dimensions of ownership structure and high-level governance.Based on the data of Shanghai and Shenzhen A-share state-owned listed companies from 2013 to 2019,this study shows that the governance of non-state-owned shareholders can significantly improve state-owned enterprises’accounting information comparability,which only exists in local state-owned enterprises and state-owned enterprises in market competition.Further research shows that the governance of non-state-owned shareholders will significantly enhance the inhibition of comparability on non-efficient investment and the improvement effect of comparability on the company’s value.This study enriches the literature in the field of non-state-owned shareholders’governance and accounting information comparability,and provides empirical evidence and policy advice for the regulatory authorities to further encourage the reform of mixed ownership and promote the participation of non-state-owned shareholders in governance in order to achieve high-quality development of state-owned enterprises.