CAJ | 학술논문

针对我国上市公司频频发生的业务“变脸”行为，本文考察了产权保护对上市公司主营业务变更的影响及其经济后果。研究发现，在产权保护越差的地区，由于研发投入的不足和已有竞争优势的较快散失，公司更易变更自己的经营主营业务；国有公司由于更多地得到政府支持，产权保护对其主营业务变更的影响较弱，且这一结果主要集中于政府绝对控股和直接持股的公司。短期内，通过改变经营主营业务，公司业绩得到改善，但长期来看，由于竞争力的缺乏和发展后劲不足，主营业务变更公司的市场表现较差。
침대아국상시공사빈빈발생적업무“변검”행위，본문고찰료산권보호대상시공사주영업무변경적영향급기경제후과。연구발현，재산권보호월차적지구，유우연발투입적불족화이유경쟁우세적교쾌산실，공사경역변경자기적경영주영업무；국유공사유우경다지득도정부지지，산권보호대기주영업무변경적영향교약，차저일결과주요집중우정부절대공고화직접지고적공사。단기내，통과개변경영주영업무，공사업적득도개선，단장기래간，유우경쟁력적결핍화발전후경불족，주영업무변경공사적시장표현교차。
Based on business change of Chinese listed companies, this paper investigates the relationship of property rights protection and firm operation. It is found that firms are more likely to change their core operation when property rights protection is poor. To SOEs the support of government weakens the effect of property rights on business change. Further, the weakening relationship is more pronounced to SOEs in that the government is the ma- jority shareholder and directly holds the company ownership. As for the economic consequence, it is shown that al- though the short-term performance seems promising, the market responds poorly to business change of firms due to lacking of competitive advantage and growth potential in the long term.