社会信任与企业扭亏绩效
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摘要
信任作为一种典型的非正式制度,在宏观上是影响经济和社会进步的重要社会资本,在微观上也对企业行为产生正向效应,而信任机制在亏损企业扭亏过程中有着至关重要的作用。本文以社会信任作为切入点,基于2008-2016年中国沪深A股亏损上市公司的经验数据,考察社会信任对企业扭亏绩效的影响及其机制。研究发现:社会信任显著地提高企业扭亏绩效,即当地区社会信任水平越高,企业扭亏绩效也会随之提高。进一步研究发现,社会信任对企业扭亏绩效的促进作用具有异质性,即社会信任对企业扭亏绩效的促进作用主要体现在非国有企业、高市场化程度地区企业、大股东增持企业、机构投资者增持企业中。考察传导路径后发现,社会信任通过降低信息不对称程度,进而提高企业扭亏绩效。本文研究以提高企业扭亏绩效为目标考察了社会信任的经济后果,其研究结论对于生活在社会信任所形成的网络中的企业和地方政府,都具有管理和政策上的启示意义。
As a typical informal system,trust is an important social capital that affects economic and social progress at the macro level. It also has a positive effect on corporate behavior at the micro level,and the trust mechanism has a crucial impact on the process of corporate losses reversal. Based on the empirical data of China's Shanghai and Shenzhen A-share loss listed companies in 2008-2016,this paper examines the impact of social trust on the performance of corporate losses reversal and its mechanism. The study finds that social trust can significantly improve the performance of corporate losses reversal,that is,the higher the level of regional social trust,the higher the performance of corporate losses reversal. Further research finds that social trust has a heterogeneous effect on the performance of corporate losses reversal,that is,the promotion of social trust to the performance of corporate losses reversal is mainly reflected in non-stateowned corporates,corporates in regions with a high degree of marketization,corporates with large shareholders increasing holdings,and corporates with institutional investors increasing holdings. After investigating the transmission path,it is found that social trust can improve the performance of corporate losses reversal by reducing the degree of information asymmetry. This paper examines the economic consequences of social trust,and its research conclusions have implications for management and policy for corporates and local governments living in the network formed by social trust.
As a typical informal system,trust is an important social capital that affects economic and social progress at the macro level. It also has a positive effect on corporate behavior at the micro level,and the trust mechanism has a crucial impact on the process of corporate losses reversal. Based on the empirical data of China's Shanghai and Shenzhen A-share loss listed companies in 2008-2016,this paper examines the impact of social trust on the performance of corporate losses reversal and its mechanism. The study finds that social trust can significantly improve the performance of corporate losses reversal,that is,the higher the level of regional social trust,the higher the performance of corporate losses reversal. Further research finds that social trust has a heterogeneous effect on the performance of corporate losses reversal,that is,the promotion of social trust to the performance of corporate losses reversal is mainly reflected in non-stateowned corporates,corporates in regions with a high degree of marketization,corporates with large shareholders increasing holdings,and corporates with institutional investors increasing holdings. After investigating the transmission path,it is found that social trust can improve the performance of corporate losses reversal by reducing the degree of information asymmetry. This paper examines the economic consequences of social trust,and its research conclusions have implications for management and policy for corporates and local governments living in the network formed by social trust.
引文
[1]张维迎,柯荣住.信任及其解释:来自中国的跨省调查分析[J].经济研究,2002(10):59-70,96.
[2]Ang J S,Cheng Y,Wu C.Trust,Investment,and Business Contracting[J].Journal of Financial and Quantitative Analysis,2015,50(3):569-595.
[3]Pevzner M,Xie F,Xin X.When Firms Talk,Do Investors Listen?The Role of Trust in Stock Market Reactions to Corporate Earnings Announcements[J].Journal of Financial Economics,2015,117(1):190-223.
[4]Williamson O.Markets and Hierarchies:Analysis and Antitrust Implications:A Study in the Economics of Internal Organization[M].New York:Free Press,1975.
[5]弗朗西斯·福山.信任:社会道德与繁荣的创造[M].呼和浩特:远方出版社,1998.
[6]Knack S,Keefer P.Does Social Capital have an Economic Payoff:A Cross-country Investigation[J].Quarterly Journal of Economics,1997,112(4):1251-1288.
[7]Guiso L,Sapienza P,Zingales L.Cultural Biases in Economic Exchange[J]Quarterly Journal of Economics,2009,124(3):1095-1131.
[8]刘凤委,李琳,薛云奎.信任、交易成本与商业信用模式[J].经济研究,2009(8):60-72.
[9]王艳,李善民.社会信任是否会提升企业并购绩效?[J].管理世界,2017(12):125-140.
[10]张敦力,李四海.社会信任、政治关系与民营企业银行贷款[J].会计研究,2012(8):17-24,96.
[11]刘宝华,罗宏,周微,等.社会信任与股价崩盘风险[J].财贸经济,2016(9):53-66.
[12]马德芳,邱保印.社会信任、企业违规与市场反应[J].中南财经政法大学学报,2016(6):77-84.
[13]王红建,李青原,刘放.政府补贴:救急还是救穷---来自亏损类公司样本的经验证据[J].南开管理评论,2015(5):42-53.
[14]杜勇,鄢波,张欢,等.慈善捐赠、政府补助与扭亏绩效---基于中国亏损上市公司的经验证据[J].经济科学,2015(4):81-94.
[15]Denis D K,Shome D K.An Empirical Investigation of Corporate Asset Downsizing[J].Journal of Corporate Finance,2004,11(3):427-448.
[16]Joos P,Plesko G A.Valuing Loss Firms[J].The Accounting Review,2005,80(3):847-870.
[17]戴德明,邓璠.亏损企业经营业绩改善措施及有效性研究---以上市公司为例[J].管理世界,2007(7):129-135.
[18]薛爽,肖泽忠,潘妙丽.管理层讨论与分析是否提供了有用信息?---基于亏损上市公司的实证探索[J].管理世界,2010(5):130-140.
[19]鄢波,杜勇.亏损公司高管薪酬激励:现金还是持股[J].金融评论,2018,10(2):32-43,123.
[20]杜勇,陈建英,权小锋,等.第一大股东特征、影响力异质性与公司亏损逆转性[J].审计与经济研究,2015(6):69-79.
[21]Akerlof G A.A Theory of Social Custom,of Which Unemployment May Be One Consequence[J].The Quarterly Journal of Economics,1980,94(4):749-775.
[22]雷光勇,邱保印,王文忠.社会信任、审计师选择与企业投资效率[J].审计研究,2014(4):72-80.
[23]曹春方,周大伟,吴澄澄.信任环境、公司治理与民营上市公司投资-现金流敏感性[J].世界经济,2015(5):125-147.
[24]Guiso L,Sapienza P,Zingales L.Trusting the Stock Market[J].The Journal of Finance,2008,63(6):2557-2600.
[25]Carlin B I,Dorobantu F A,Viswanathan S.Public Trust,the Law,and Financial Investment[J].Journal of Financial Economics,2009,92(3):321-341.
[26]吴永钢,范若滢,马亚明.信任、融资约束与企业投资[J].南开经济研究,2016(4):71-84.
[27]章卫东,张洪辉,邹斌.政府干预、大股东资产注入:支持抑或掏空[J].会计研究,2012(8):34-40,96.
[28]雷光勇,邱保印,姜彭.社会信任、法律执行与股权制衡效果[J].证券市场导报,2015(1):19-31.
[29]Guiso L,Sapienza P,Zingales L.The Role of Social Capital in Financial Develepment[J].American Economic Review,2004,94(3):526-556.
[30]王小鲁,樊纲,余静文.中国分省份市场化指数报告[M].北京:社会科学文献出版社,2017.
[31]杜勇,刘星,干胜道.市场化进程、股权结构特征与亏损逆转程度---基于2003-2011年中国亏损上市公司的经验证据[J].财经理论与实践,2014(7):61-68.
[32]Allen F,Qian J,Qian M.Law,Finance,and Economic Growth in China[J].Journal of Financial Economics,2005,77(1):57-116.
[33]林钟高,陈曦.社会信任、内部控制重大缺陷及其修复与财务风险[J].当代财经,2016(6):118-129.
[34]Baker S,Bloom N,Davis S.Measuring Economic Policy Uncertainty[J].Quarterly Journal of Economics,2016,131(4):1593-1636.
[35]Amihud Y.Illiquidity and stock returns:cross-section and time-series effects[J].Journal of Financial Markets,2002(5):31-56.
[36]Hadlock C J,Pierce J R.New Evidence on Measuring Financial Constraints:Moving Beyond the KZ Index[J].Review of Financial Studies,2010,23(5):1909-1940.
[2]Ang J S,Cheng Y,Wu C.Trust,Investment,and Business Contracting[J].Journal of Financial and Quantitative Analysis,2015,50(3):569-595.
[3]Pevzner M,Xie F,Xin X.When Firms Talk,Do Investors Listen?The Role of Trust in Stock Market Reactions to Corporate Earnings Announcements[J].Journal of Financial Economics,2015,117(1):190-223.
[4]Williamson O.Markets and Hierarchies:Analysis and Antitrust Implications:A Study in the Economics of Internal Organization[M].New York:Free Press,1975.
[5]弗朗西斯·福山.信任:社会道德与繁荣的创造[M].呼和浩特:远方出版社,1998.
[6]Knack S,Keefer P.Does Social Capital have an Economic Payoff:A Cross-country Investigation[J].Quarterly Journal of Economics,1997,112(4):1251-1288.
[7]Guiso L,Sapienza P,Zingales L.Cultural Biases in Economic Exchange[J]Quarterly Journal of Economics,2009,124(3):1095-1131.
[8]刘凤委,李琳,薛云奎.信任、交易成本与商业信用模式[J].经济研究,2009(8):60-72.
[9]王艳,李善民.社会信任是否会提升企业并购绩效?[J].管理世界,2017(12):125-140.
[10]张敦力,李四海.社会信任、政治关系与民营企业银行贷款[J].会计研究,2012(8):17-24,96.
[11]刘宝华,罗宏,周微,等.社会信任与股价崩盘风险[J].财贸经济,2016(9):53-66.
[12]马德芳,邱保印.社会信任、企业违规与市场反应[J].中南财经政法大学学报,2016(6):77-84.
[13]王红建,李青原,刘放.政府补贴:救急还是救穷---来自亏损类公司样本的经验证据[J].南开管理评论,2015(5):42-53.
[14]杜勇,鄢波,张欢,等.慈善捐赠、政府补助与扭亏绩效---基于中国亏损上市公司的经验证据[J].经济科学,2015(4):81-94.
[15]Denis D K,Shome D K.An Empirical Investigation of Corporate Asset Downsizing[J].Journal of Corporate Finance,2004,11(3):427-448.
[16]Joos P,Plesko G A.Valuing Loss Firms[J].The Accounting Review,2005,80(3):847-870.
[17]戴德明,邓璠.亏损企业经营业绩改善措施及有效性研究---以上市公司为例[J].管理世界,2007(7):129-135.
[18]薛爽,肖泽忠,潘妙丽.管理层讨论与分析是否提供了有用信息?---基于亏损上市公司的实证探索[J].管理世界,2010(5):130-140.
[19]鄢波,杜勇.亏损公司高管薪酬激励:现金还是持股[J].金融评论,2018,10(2):32-43,123.
[20]杜勇,陈建英,权小锋,等.第一大股东特征、影响力异质性与公司亏损逆转性[J].审计与经济研究,2015(6):69-79.
[21]Akerlof G A.A Theory of Social Custom,of Which Unemployment May Be One Consequence[J].The Quarterly Journal of Economics,1980,94(4):749-775.
[22]雷光勇,邱保印,王文忠.社会信任、审计师选择与企业投资效率[J].审计研究,2014(4):72-80.
[23]曹春方,周大伟,吴澄澄.信任环境、公司治理与民营上市公司投资-现金流敏感性[J].世界经济,2015(5):125-147.
[24]Guiso L,Sapienza P,Zingales L.Trusting the Stock Market[J].The Journal of Finance,2008,63(6):2557-2600.
[25]Carlin B I,Dorobantu F A,Viswanathan S.Public Trust,the Law,and Financial Investment[J].Journal of Financial Economics,2009,92(3):321-341.
[26]吴永钢,范若滢,马亚明.信任、融资约束与企业投资[J].南开经济研究,2016(4):71-84.
[27]章卫东,张洪辉,邹斌.政府干预、大股东资产注入:支持抑或掏空[J].会计研究,2012(8):34-40,96.
[28]雷光勇,邱保印,姜彭.社会信任、法律执行与股权制衡效果[J].证券市场导报,2015(1):19-31.
[29]Guiso L,Sapienza P,Zingales L.The Role of Social Capital in Financial Develepment[J].American Economic Review,2004,94(3):526-556.
[30]王小鲁,樊纲,余静文.中国分省份市场化指数报告[M].北京:社会科学文献出版社,2017.
[31]杜勇,刘星,干胜道.市场化进程、股权结构特征与亏损逆转程度---基于2003-2011年中国亏损上市公司的经验证据[J].财经理论与实践,2014(7):61-68.
[32]Allen F,Qian J,Qian M.Law,Finance,and Economic Growth in China[J].Journal of Financial Economics,2005,77(1):57-116.
[33]林钟高,陈曦.社会信任、内部控制重大缺陷及其修复与财务风险[J].当代财经,2016(6):118-129.
[34]Baker S,Bloom N,Davis S.Measuring Economic Policy Uncertainty[J].Quarterly Journal of Economics,2016,131(4):1593-1636.
[35]Amihud Y.Illiquidity and stock returns:cross-section and time-series effects[J].Journal of Financial Markets,2002(5):31-56.
[36]Hadlock C J,Pierce J R.New Evidence on Measuring Financial Constraints:Moving Beyond the KZ Index[J].Review of Financial Studies,2010,23(5):1909-1940.
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