国有股权参股如何影响民营企业信用评级  

How State-Owned Equity Participation Affects the Credit Rating of Private Enterprises

作　　者：张娆 杨小伟 ZHANG Rao;YANG Xiaowei(School of Finance,Nanjing University of Agriculture,Nanjing 210095,China)

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《审计与经济研究》2023年第5期108-118,共11页Journal of Audit & Economics

基　　金：国家社会科学基金项目(18BGL085);江苏高校“青蓝工程”(2022—2025);江苏省高校社科联发展专项(22GSB-008);南京农业大学金融学院学科建设专项和“深入贯彻学习党的二十大项目”(ZDXM202204)。

摘　　要：民营经济是推进中国式现代化的生力军,民营企业信用评级不高是亟待解决的问题。混合所有制改革是利用不同股权的融合放大国有资本功能进而促进经济发展的重要举措,以民营企业参与混合所有制改革视角进行研究发现:国有股权参股能显著提升民营企业信用评级。影响机制检验发现,国有股权参股通过缓解融资约束和降低经营风险,提升民营企业信用评级。进一步研究发现,在管理层代理成本、国有股权制衡度、行业竞争程度及经济政策不确定性更高时,国有股权参股对民营企业信用评级的提升作用更有效。研究表明混合所有制改革承载着巨大制度红利,有助于实现民营企业健康持续发展,对国有资本和民营企业具有“1+1>2”效应,对混改政策实施效应和民营企业是否引入国有股权有重要决策参考意义。The private economy is a new force to promote Chinese path to modernization,and the low credit rating of private enterprises is an urgent problem to be solved.The mixed ownership reform is an important measure to leverage the integration of different equity interests to amplify the function of state-owned capital and promote economic development.From the perspective of private enterprises participating in the mixed ownership reform,this study finds that state-owned equity participation can significantly improve the credit rating of private enterprises.The impact mechanism test finds that state-owned equity participation enhances the credit rating of private enterprises by alleviating financing constraints and reducing operational risks.Further research finds that when the agency cost of management,the balance of state-owned equity,industry competition,and economic policy uncertainty are higher,state-owned equity participation has a more effective effect on improving the credit rating of private enterprises.This study indicates that the reform of mixed ownership carries huge institutional dividends and helps to achieve the healthy and sustainable development of private enterprises.It has a“1+1>2”effect on state-owned capital and private enterprises,and has important decision-making reference significance for the implementation effect of mixed ownership policies and whether private enterprises should introduce state-owned equity.

关 键 词：国有股权参股 民营企业 信用评级 混合所有制改革 国有企业 股权改革 

分 类 号：F061.5[经济管理—政治经济学]