“逆向混改”能降低民营企业债务违约风险吗  

Can Reverse Mixed Reform Reduce the Debt Default Risk of Private Enterprises

作　　者：鲍群[1] 吴明航 BAO Qun;WU Minghang(School of Accountancy,Anhui University of Finance and Economics,Bengbu,Anhui 233000)

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233000

出　　处：《绵阳师范学院学报》2024年第9期15-27,共13页Journal of Mianyang Teachers＇ College

基　　金：国家社会科学基金一般项目“重大突发公共事件下企业供应链风险免疫机制研究”(20BCL095);安徽财经大学研究生科研创新基金项目“客户数字化转型与企业投资效率”(ACYC2022115)。

摘　　要：以2008-2022年沪深A股民营上市公司为研究对象,探讨了国有股权参股是否以及如何对民营企业债务违约风险产生影响。研究发现,国有股权参股能够有效抑制民营企业的债务违约风险。机制检验发现,国有股权参股通过提供资源支持、发挥治理效应和防范内部风险来降低民营企业债务违约风险。进一步分析发现,当外部经济政策不确定程度严重和企业信息披露质量较差时,国有股权参股对民营企业债务违约风险的抑制作用更加明显。以“逆向混改”为切入点,探究民营企业债务违约风险的影响因素,拓展了混合所有制改革这一宏观经济政策对微观企业行为的经济后果,为促进民营企业高质量发展和防范系统性金融风险提供了经验证据。This paper takes A-share private listed companies in Shanghai and Shenzhen from 2008 to 2022 as the research object,and explores whether or not and how state-owned equity participation has an impact on the debt default risk of private enterprises.The study shows that state-owned equity participation can effectively curb the debt default risk of private enterprises.The mechanism test finds that state-owned equity participation reduces the debt default risk of private enterprises by providing resource support,bringing governance effects into play and preventing internal risks.A further analysis illustrates that when there is a serious uncertainty of external economic policy and a poor quality of corporate information disclosure,the inhibitory effect of state-owned equity participa-tion on the debt default risk of private enterprises is more obvious.This paper explores the influencing factors of the debt default risk of private enterprises,expands the economic consequences of the macroeconomic policy of mixed ownership reform on the behaviors of micro enterprises and provides the empirical evidence for promoting the high-quality development of private enterprises and preventing a systemic financial risk.

关 键 词：混合所有制改革 “逆向混改” 国有股权 债务违约风险 

分 类 号：F276.5[经济管理—企业管理]