Author(s)

Weihang Peng ¹, Haoming Zhu ²

Affiliation(s)

¹ School of Finance and Finance, Jiangxi Normal University, Nanchang, China
² School of Mathematics and Physics, Xi'an Jiaotong-Liverpool University, Suzhou, China

Corresponding Author

Haoming Zhu

ABSTRACT

This paper takes the state-owned listed companies from 2009 to 2018 as the research object, measures the policy burden with the excess employee rate, and investigates how the policy burden of state-owned enterprises affects the enterprise value through the transparency of accounting information. Our results lead to the following conclusions: first, there is a significant negative correlation between the policy burden of state-owned enterprises and enterprise value. Second, the above effects of state-owned enterprise policy burden on enterprise value will be significantly different under different degrees of accounting information transparency. Lower accounting information transparency will strengthen the negative impact of state-owned enterprise policy burden on enterprise value; Higher accounting information transparency will inhibit the negative impact of policy burden on enterprise value. The research conclusion of this paper provides a theoretical basis for state-owned enterprises to optimize governance effect, improve information transparency and reduce agency cost.

KEYWORDS

Policy burden; information transparency; enterprise value; government intervention JEL codes: M14

CITE THIS PAPER

Weihang Peng, Haoming Zhu, The Relationship among Policy Burden, Transparency of Accounting Information and Enterprise Value of State-owned Enterprises. Accounting and Corporate Management (2023) Vol. 5: 138-145. DOI: http://dx.doi.org/10.23977/acccm.2023.051020.

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