资产结构反映资产专用性吗?——来自中国上市公司2001—2013年的经验证据
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摘要
资产结构究竟能否反映资产专用性,本文提出了一个研究视角和检验方法,即通过检验企业资产结构与绩效、融资结构的关系是否具备专用性经济后果特征来判断企业资产是否具有专用性以及资产结构反映多大程度的专用性信息。沿循此视角和方法,我们选取了2001—2013年中国A股上市公司共21,703个观测值进行实证分析。研究发现中国企业资产结构与绩效、负债水平均呈现显著负相关,表明整体上中国企业长期非金融性资产专用性不足。研究同时发现中国企业产权性质对其资产结构包含的专用性及其经济后果具有重要影响。具体而言,民营控股公司资产结构与绩效、融资结构的关系符合资产专用性经济后果特征,显示出较强的专用性程度。在国有控股公司以及中央政府控股的国有公司、地方政府控股的国有公司的样本组中均未能发现资产结构体现专用性经济后果特征的证据。进一步研究发现投资增量的效率是导致产权性质不同的企业专用性存在差异的主要原因。
This paper supplies a perspective and method to examine whether asset structure(AS)reflect asset specificity. By investigating the relations between AS and financial performance, AS and capital structure, and recognizing whether the relations agree with economic consequences of assets specificity, we examine whether and how much AS discloses assets specificity. Using 21703 observations from Chinese listed companies issuing A shares for the 2001—2013 period, we find the relations between AS and financial performance, AS and capital structure are all negative, which suggests the specificity of long-term non-financial assets of Chinese firms is insufficient. In addition, the different nature of ownership of Chinese firms influences assets specificity and its economic consequences. The study shows the relation between AS and financial performance, as well as the relation between AS and capital structure in private enterprises agrees with assets specificity, which suggests private enterprises' assets specificity is sufficient. However, we find assets structure's economic consequences of stated-enterprises, including the enterprises controlled by the central government and the local authorities, don't agree with assets specificity. In further investigation, we also find the efficiency of investment increment is the main reason for the difference of assets specificity in the different nature of ownership of enterprises.
This paper supplies a perspective and method to examine whether asset structure(AS)reflect asset specificity. By investigating the relations between AS and financial performance, AS and capital structure, and recognizing whether the relations agree with economic consequences of assets specificity, we examine whether and how much AS discloses assets specificity. Using 21703 observations from Chinese listed companies issuing A shares for the 2001—2013 period, we find the relations between AS and financial performance, AS and capital structure are all negative, which suggests the specificity of long-term non-financial assets of Chinese firms is insufficient. In addition, the different nature of ownership of Chinese firms influences assets specificity and its economic consequences. The study shows the relation between AS and financial performance, as well as the relation between AS and capital structure in private enterprises agrees with assets specificity, which suggests private enterprises' assets specificity is sufficient. However, we find assets structure's economic consequences of stated-enterprises, including the enterprises controlled by the central government and the local authorities, don't agree with assets specificity. In further investigation, we also find the efficiency of investment increment is the main reason for the difference of assets specificity in the different nature of ownership of enterprises.
引文
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[19]钟田丽,马娜,胡彦斌.企业创新投入要素与融资结构选择——基于创业板上市公司的实证检验[J].会计研究,2014(4):66-73.
[20]周煜皓,张盛勇.金融错配、资产专用性与资本结构[J].会计研究,2014(8):75-80.
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[27]Williamson O.Transaction Cost Economics:The Government of Contractual Relations[J].Journal of Law and Economics,1979(2):233-61.
[2]程宏伟.隐性契约、专用性投资与资本结构[J].中国工业经济,2004(8):105-110.
[3]方军雄.所有制、市场化进程与资本配置效率[J].管理世界,2007(11):27-35.
[4]雷新途.资产专用性、声誉与企业财务契约自我履行:一项实验研究[J].会计研究,2012(9):59-66.
[5]雷新途.我国企业资产专用性研究——来自制造业上市公司经验证据[J].中南财经政法大学学报,2010(1):101-106.
[6]李云鹤.公司过度投资源于管理者代理还是过度自信[J].世界经济,2014(12):95-115.
[7]李青原,王永海.资产专用性与公司资本结构[J].会计研究,2006(7):66-71.
[8]李青原,陈晓,王永海.产品市场竞争、资产专用性与资本结构[J].金融研究,2007(4):100-113.
[9]林毅夫,李志赟.政策性负担、道德风险与预算软约束[J].经济研究,2004(2):17-27.
[10]刘瑞明,石磊.国有企业的双重效率损失与经济增长[J].经济研究,2010(1):127-337.
[11]罗琦,胡志强.控股股东道德风险与公司现金策略[J].经济研究,2011(2):125-137.
[12]钱春海,贺旭光.交易费用、资产专用性与企业融资决策[J].上海管理科学,2002(2):46-48.
[13]孙兆斌.股权集中、股权制衡与上市公司的技术效率[J].管理世界,2006(7):115-124.
[14]唐松,杨勇,孙铮.金融发展、债务治理与公司价值——来自中国上市公司的经验证据[J].财经研究,2009(6):4-16.
[15]童盼,陆正飞.负债融资、负债来源与企业投资行为——来自中国上市公司的经验证据[J].经济研究,2005(5):75-84.
[16]俞红海,徐龙炳,陈百助.终极控股股东控制权与自由现金流过度投资[J].经济研究,2010(8):103-114.
[17]喻坤,李治国,张晓蓉,徐剑刚.企业投资效率之谜:融资约束假说与货币政策冲击[J].经济研究,2014(1):106-119.
[18]王永海,范明.资产专用性视角下的资本结构动态分析[J].中国工业经济,2004(1):93-98.
[19]钟田丽,马娜,胡彦斌.企业创新投入要素与融资结构选择——基于创业板上市公司的实证检验[J].会计研究,2014(4):66-73.
[20]周煜皓,张盛勇.金融错配、资产专用性与资本结构[J].会计研究,2014(8):75-80.
[21]Choate G.M.The Governance Problem,Asset AS and Corporate Financing Decisions[J].Journal of Economic Behavior and Organization,1997,33:75-90.
[22]Collis D.J.,Montgomery C.A.Corporate Strategy:Resources and the Scope of the Firm[M].The Mc Graw-Hill Companies,1997.
[23]Gopalan R.,Kadan O.,Pevzner M.Asset Liquidity and Stock Liquidity[J].Journal of Financial and Quantitative Analysis,2012,47(2):333-64.
[24]Williamson O.E.The Mechanism of Governance[M].Oxford University Press,1996.
[25]Williamson O.E.The Economic Institutions of Capitalism[M].New York:Free Press,1985.
[26]Williamson O.E.Corporate Finance and Corporate Governance[J].Journal of Finance,1988(3):567-91.
[27]Williamson O.Transaction Cost Economics:The Government of Contractual Relations[J].Journal of Law and Economics,1979(2):233-61.