摘要
基于国有企业混合所有制改革的背景,本文研究了非国有股东治理对国有资本信息效率的影响。研究发现:非国有股东治理会提升国有资本信息效率,其原因在于国有企业信息披露质量的提升;基于股权支撑以及行业竞争性的异质性分析发现,非国有股东治理对国有资本信息效率的影响在有相应股权支撑以及竞争性行业组更显著;非国有股东治理带来国有资本信息效率提升的同时,会对国有企业价值产生正向影响。本文的研究对于提升国有资本信息效率及进一步做强做大国有资本提供了经验证据。
Based on the context of the mixed ownership reform of state-owned enterprises,this paper examines the impact of non-state shareholder governance on the information efficiency of state-owned capital.The study found that:governance by non-state shareholders enhances the information efficiency of state capital,which is explained by the improved quality of information disclosure by state-owned enterprises;heterogeneity analysis based on equity backing and industry competitiveness found that the impact of non-state shareholder governance on the information efficiency of state capital was more significant in the group with corresponding equity backing and competitive industries;Non-state shareholder governance brings about improved information efficiency of state capital while positively impacting the value of state-owned enterprises.The research in this paper provides empirical evidence for improving the information efficiency of state-owned capital and further strengthening it.
作者
何苏燕
任力
He Suyan;Ren Li(Party School of the Guangdong Provincial Committee of CPC,Guangzhou 510053,Guangdong,China;School of Economics,Xiamen University,Xiamen 361005,Fujian,China)
出处
《金融发展研究》
北大核心
2023年第5期3-9,共7页
Journal Of Financial Development Research
基金
广东省社科规划2022年度常规项目“习近平总书记关于数字经济重要论述与广东实践研究”(GD22YXY01)。
关键词
非国有股东治理
国有资本信息效率
信息披露质量
Non-state shareholder governance
state-owned capital information efficiency
information disclosure quality
