CAJ | 학술논문

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。
필자이1998년～2011년IPO민영화적상시공사위양본，실증분석IPO시국유고권비례급후속변화、회계신식여장기차관계약적관계，연구발현：（1）IPO당년민영공사국유고비례월고，장기차관계약대우기업자산담보능력화회계영여은건성요구월저。（2）IPO하일년민영공사국유고빈증가월다，증량장기차관계약첨정대우자산담보능력화회계영여은건성요구야월저。상술발현표명민영기업IPO시국유고권비례급후속변화유기업증강융자능력적내재목적。
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.