On the Incentives of Selling Non-Tradable Share:Income Smoothing or Investment Returns Maximization?
研究中国上市公司出售非流通股的动机，发现国有企业倾向于在经营收益低或持续性差时出售以平滑盈余，而非国有企业则更追求投资回报最大化。
Selling non - tradable shares can not only bring cash returns to companies,but also help companies smooth their earnings.Hence,non - tradable shares are the reservoir to adjust earnings for listed firms.This paper investigates incentives of selling non - tradable shares.We find that SOEs tend to sell securities when their operating earnings and earnings growth are low,or when their earnings are less persistent;The investment return from selling non - tradable shares is significantly higher for non - SOEs than SOEs.These results suggest that the incentive of SOEs to sell non - tradable shares is to smooth earnings and that for non - SOEs is to maximize investment returns.Our findings have policy implications for the reform of the performance evaluation system of SOE firms.