检察行政公益诉讼制度能有效保护国有资产吗——基于国有企业并购行为的讨论

Can the Procuratorate Administrative Public Interest Litigation System Effectively Protect State-owned Assets?——Discussions on M&A of State-owned Enterprises

作为一项制度创新,检察行政公益诉讼制度能否有效防范国有资产流失值得深入探究。本文利用双重差分法(DID)研究检察行政公益诉讼制度试点的实施是否有效抑制了并购中的国有资产流失。研究发现:该制度试点的实施有效抑制了国有资产流失,产生了“威慑效应”。相比省属国有企业、央企而言,该制度对其他类型国有企业的资产流失抑制作用更强;与国有企业相比,当买方企业为非国有性质时,并购引起的国有资产流失会受到该制度更强的抑制作用;该制度对跨省和跨行业并购引起的国有资产流失也产生了更强烈的抑制作用。调节效应分析表明:卖方企业在并购实施前的亏损状态会减轻检察行政公益诉讼制度的抑制效应;而地区执法强度会强化这种抑制作用。机制分析表明:检察行政公益诉讼制度主要是通过降低代理成本和提高信息披露质量来发挥作用。本文研究对我国探索法律制度创新以保护国有资产提供了学理依据。

The procuratorate administrative public interest litigation system is an institutional innovation, however, whether it can effectively prevent the loss of state-owned assets needs to be further explored. This paper uses the difference-in-differences method to study whether the implementation of the system has effectively restrained the loss of state-owned assets during the pilot period. It is found that the implementation of the system has effectively restrained the loss of state-owned assets and produced a strong “deterrent effect”. Compared with provincial and central SOEs, this system has a stronger inhibitory effect on the loss of assets of other types of state-owned enterprises;Compared with the state-owned enterprises, the loss of state-owned assets caused by M&A will be more restrained by the system when the buyer is a non-SOE than when the buyer is an SOE;the system also has a stronger inhibitory effect on the loss of state-owned assets caused by M&A across provinces and industries. The moderating effect analysis shows that the loss of the seller enterprises before the implementation of M&A will reduce the inhibitory effect of this system, but the strength of system enforcement will strengthen the inhibitory effect. Mechanism analysis shows that the procuratorial administrative public interest litigation system can reduce the loss of state-owned assets by lowering agency costs and improving the quality of information disclosure. This study provides a theoretical basis for China to explore the role of legal system innovation in protecting state-owned assets.