国有资本参股如何影响民营企业投融资期限错配?  

How does State-Owned Capital Shareholders Affect the Maturity Mismatch ofInvestment-Financing for Private Enterprises?

作　　者：徐鹏[1] 李廷刚 白贵玉 Xu Peng;Li Tinggang;Bai Guiyu

机构地区：[1]山东财经大学工商管理学院,山东济南250014 [2]济南大学商学院,山东济南250002

出　　处：《证券市场导报》2023年第12期31-42,共12页Securities Market Herald

基　　金：国家自然科学基金面上项目“母子公司高管协同配置驱动机制及效应研究——基于公司治理视角的探索”(71972117);山东省社科规划研究重点项目“新时代山东省属国有企业党的领导与公司治理的融合机制及效应研究”(23BGLJ02);山东省自然科学基金面上项目“资本市场改革背景下上市公司治理稳定性评价与保障机制研究”(ZR2022MG028);泰山学者工程专项(tsqn202103095)。

摘　　要：本文从投融资期限结构视角探究国有资本参股的边际溢出效应。研究发现,国有资本参股有助于改善民营企业投融资期限错配,不同国有参股主体作用效果存在差异。作用机制检验表明,国有资本参股通过发挥监督效应、资源效应以及拉动效应等多重路径抑制民营企业投融资期限错配。进一步研究发现,国有资本参股对投融资期限错配的改善作用在出现控股股东股权质押、资金缺口较大、资金需求较高的企业中更为显著。本研究拓展和深化了“逆向混改”的研究外延,为改善企业投融资期限错配提供了新的思路和证据。This paper explores the marginal spillover effect of state-owned capital participation from the perspective of investment-financing term structure.The paper finds that state-owned capital participation helps to alleviate the investment-financing maturity mismatch of private enterprises,and the effect of different state-owned capital participation subjects differs from each other.The mechanism test shows that state-owned capital participation inhibits the investment-financing maturity mismatch of private enterprises through multiple paths,such as the supervision effect,resource effect,and pulling effect.Further research finds that the alleviation effect of state-owned capital participation on the investment-financing maturity mismatch is more significant for enterprises with controlling shareholder equity pledges,larger funding gaps,and higher funding demands.This study expands and deepens the research extension of“reverse mixed-ownership reform”and provides new ideas and evidence for alleviating the investment-financing maturity mismatch of enterprises.

关 键 词：国有资本参股 公司治理 混合所有制 投融资期限错配 控股股东股权质押 

分 类 号：F270.7[经济管理—企业管理]