民营企业股权质押风险、国有资本参股与地方政府纾困  

Equity Pledge Risks of Private Enterprise, State-Owned Capital Participation and Local Government Bailout

作　　者：黄一松[1] HUANG Yi-song(Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学会计学院,江西南昌330013

出　　处：《当代财经》2022年第7期138-148,共11页Contemporary Finance and Economics

基　　金：国家自然科学基金面上项目“定向增发新股、中介监督与盈余管理研究”(71772081)。

摘　　要：以2017-2019年出现股权质押风险的民营上市公司为研究样本,理论分析国有资本参股民营企业对其获取地方政府纾困的影响并进行实证检验。研究发现,在出现股权质押风险的民营企业中,国有资本参股的民营企业获取地方政府纾困的概率和力度更大;国有资本的比例越大,民营企业获取纾困的概率和力度越大。进一步研究发现,在民营企业属于战略性新兴产业、市场化程度较高的地区以及异地国有资本参股的样本中,上述促进作用更不明显。在纾困效果方面,获得纾困的民营企业的股权质押风险得到缓解,短期市场反应为正;纾困力度越大,纾困效果越显著。上述研究结果表明,国有资本参股有助于民营企业获取地方政府纾困,从而缓解了民营企业的股权质押风险。Taking the private listed companies with equity pledge risks from 2017 to 2019 as research samples, this paper theoretically analyzes the impact of state-owned capital participation in private enterprises on their access to local government bailouts and conducts an empirical test. The findings show that among the private enter prises with equity pledge risks, the private enterprises with state-owned capital participation have a greater probability and intensity to obtain local government bailouts;the greater the proportion of state-owned capital, the greater the probability and intensity of private enterprises to obtain bailouts. It is found through further research that the above-mentioned promotion effect is less obvious in the samples of private enterprises belonging to strategic emerging industries, or located in the regions with higher degree of marketization, or with non-local state-owned capital. In terms of the bailout effect, the equity pledge risks of the bailed out private enterprises have been alleviated, and the short-term market reaction is positive;the greater the bailout strength,the more significant the bailout effect. The above research results indicate that the state-owned capital participation can help private enterprises to obtain local government bailouts, thereby alleviating the equity pledge risks of private enterprises.

关 键 词：民营企业 股权质押 国有资本 地方政府纾困 

分 类 号：F275.5[经济管理—企业管理]