文献类型：期刊文献

中文题名：国有股权、会计信息与长期借款契约——基于民营公司IPO国有股权比例及变化的实证研究

英文题名：State Property,Accounting Information,and Long-term Loan Contract——An Empirical Study Based on Ratio of State-owned Shares of Private Enterprise

作者：潘克勤[1]

第一作者：潘克勤

机构：[1]河南财经政法大学会计学院

第一机构：河南财经政法大学会计学院

年份：2014

卷号：31

期号：6

起止页码：114-119

中文期刊名：经济经纬

外文期刊名：Economic Survey

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2011】；CSSCI:【CSSCI2014_2016】；

基金：国家自然科学基金面上项目(71072084);教育部人文社科研究一般项目(09YJAZH027)

语种：中文

中文关键词：IPO民营化;国有股份;担保能力;盈余稳健性;长期借款契约

外文关键词：Privatization by IPO; State Property Right; Guarantee Ability; Accounting Surplus Robustness; Long-term Loan Contract

摘要：笔者以1998年～2011年IPO民营化的上市公司为样本，实证分析IPO时国有股权比例及后续变化、会计信息与长期借款契约的关系，研究发现：（1）IPO当年民营公司国有股比例越高，长期借款契约对于企业资产担保能力和会计盈余稳健性要求越低。（2）IPO下一年民营公司国有股份增加越多，增量长期借款契约签订对于资产担保能力和会计盈余稳健性要求也越低。上述发现表明民营企业IPO时国有股权比例及后续变化有企业增强融资能力的内在目的。
Adopting the listed private enterprises during 1998 to 2011 as samples, this paper empirically studies the relationship among the long-term loan contract and the ratio of state-owned shares when IPO and its subsequent changes in next year, and the accounting information. It finds that： （ 1 ） the higher the proportion of state-owned shares in the IPO year, the lower requirement for enterprise as- sets guarantee ability and accounting surplus robustness when private enterprises achieve long-term loan contracts; （2） in the next year after IPO, the more state-owned shares increase, the lower requirement for enterprise assets guarantee ability and accounting surplus robustness when private enterprises achieve incremental long-term loan contracts.