国有资本参股能提升民营企业风险承担水平吗  

Can State-owned Capital Participation Improve the Risk-Taking Level of Private Enterprises

作　　者：张建宇[1] 杨旭 ZHANG Jian-yu;YANG Xu(School of Business,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学商学院,天津300222

出　　处：《广东财经大学学报》2023年第1期75-87,共13页Journal of Guangdong University of Finance & Economics

基　　金：国家社会科学基金一般项目(21BGL114)。

摘　　要：随着混合所有制改革的不断深化,改革的参与主体逐渐从国有企业拓展到民营企业,国有资本参股民营企业能否助力民营企业健康发展成为亟待检验的问题。立足于民营企业发展混合所有制经济的现实背景,以2007—2020年沪深A股民营上市公司为研究样本,实证研究发现:国有资本参股能够显著提升民营企业的风险承担水平,且这一作用在行业竞争程度较高、地区金融发展水平较好以及经济政策不确定性较强地区表现得更为明显。该结论在考虑了反向因果、样本选择等内生性问题以及一系列稳健性检验后依然成立。进一步分析发现,国有资本参股通过增加政府补助和银行贷款促进了民营企业的风险承担。本文探讨了混合所有制改革背景下国有资本参股影响民营企业风险承担水平的作用机制与情境因素,不仅有助于加深关于民营企业风险承担问题的理解与认识,还为推进混合所有制改革、优化民营企业股权结构提供了借鉴。With the deepening of mixed ownership reform,whether the mixed ownership form of state-owned capital participation in private enterprises can help the healthy development of private enterprises has become one of the academic focuses.Taking the A-share private listed companies in Shanghai and Shenzhen from 2009 to 2020 as the research sample,this article empirically tests the effect of state-owned capital participation on the risk-taking level of private enterprises.The findings reveal that state-owned capital participation can significantly improve the level of risk-taking of private enterprises,and this effect is more significant in the regions with more competitive industries,better financial development,and more uncertain economic policies,which is still valid a considering endogeneity such as reverse causality,sample selection,and a series of robustness tests.Further analysis of the mechanism shows that state-owned capital participation promoted the risk-taking of private enterprises by increasing government subsidies and bank loans.Through analysis of the mechanism and situational factors of state-owned capital participation affecting the level of risk-taking of private enterprises under the background of mixed ownership reform,this study not only helps to deepen the understanding of the problem of risk-taking of private enterprises,but also provides reference for promoting the reform of mixed ownership and optimizing the ownership structure of private enterprises.

关 键 词：混合所有制 国有资本参股 企业风险承担 行业竞争程度 金融发展水平 经济政策不确定性 政府补助 银行贷款 

分 类 号：F830.59[经济管理—金融学] F276.5