“逆向混改”能够抑制民营企业金融化吗?  

Can“Reverse Mixed Ownership Reform”Inhibit the Financialization of Private Enterprises?

作　　者：余汉 吕思鑫 宋增基[2] YU Han;LYU Sixin;SONG Zengji(College of Economics and Management,Southwest University,Chongqing 400715,China;School of Economics and Business Administration,Chongqing University,Chongqing 400030,China)

机构地区：[1]西南大学经济管理学院,重庆400715 [2]重庆大学经济与工商管理学院,重庆400030

出　　处：《财经问题研究》2025年第1期72-86,共15页Research On Financial and Economic Issues

基　　金：国家社会科学基金青年项目“国有企业党委参与公司治理的理论与实证研究”(19CDJ007);西南大学创新研究2035先导计划“乡村振兴与金融创新”(SWUPilotPlan026);中央高校基本科研业务费专项资金资助项目“新生育政策背景下民营企业家生育意愿及其对企业行为的影响研究”(2023CDSKXYJG007)。

摘　　要：在市场竞争加剧的背景下,从事实体行业的民营企业金融化趋势愈发明显,如何引导企业“脱虚向实”,推动民营经济健康发展,成为亟待解决的问题。本文基于民营企业参与混合所有制改革的“逆向混改”视角,使用2013—2022年中国A股非金融类民营上市公司数据,实证研究了国有股权参股对民营企业金融化的影响及作用机制。研究发现,国有股权参股能够有效抑制民营企业金融化,该结论经过内生性检验和稳健性检验后仍成立。异质性检验发现,国有股权参股对民营企业金融化的抑制作用在战略投资者组中和在行业竞争程度较高组中更显著。机制检验发现,国有股权参股通过提高民营企业的银行贷款率和提升民营企业的内部控制质量抑制其金融化。调节效应检验发现,“党建入章”和金融监管强度可以显著增强国有股权参股对民营企业金融化的抑制作用。进一步研究发现,国有股权参股在抑制民营企业金融化的同时,可切实推动企业研发产出的增加。本文的研究结论为国家防范金融风险和推动民营经济健康发展提供了有益的参考。In recent years,as the profit gap between the financial industry and the real economy continues to widen,more and more enterprises in the real economy have begun to reduce investment in their core business and instead channel their resources into the financial sector in pursuit of higher returns.The private economy,as an indispensable component of the market economy,is an important force in carrying out the national strategy.In the current context of vigorous development of the real economy in China,whether the state ownership participation in private enterprises can inhibit their financialization and make them focus on the development of real industries remains to be further studied.From the perspective of“reverse mixed ownership reform”in which private enterprises participate in mixed ownership reform,using data from privately owned non‑financial A‑share listed companies from 2013 to 2022,this study empirically examines the impact of state ownership participation on the financialization of enterprises.The study finds that state ownership participation can effectively inhibit financialization in private enterprises.The mechanism is that state ownership participation improves bank lending to private enterprises and improves the quality of their internal controls.The heterogeneity test reveals that state ownership participation as a strategic investor has a more significant inhibitory effect on the financialization of private enterprises.Meanwhile,the inhibitory effect of state ownership participation on the financialization of private enterprises in highly competitive industries is more significant.Further study shows that the“CPC’s Party Building into Articles of Association”and the financial regulatory intensity can significantly enhance the inhibitory effect of state ownership participation on financialization in private enterprises.Furthermore,while state ownership participation weakens financialization in private enterprises,it can effectively promote their R&D output.This paper extends previou

关 键 词：国有股权 企业金融化 党建入章 金融监管强度 

分 类 号：F271[经济管理—企业管理]