国有资本参股民营企业的供应链溢出效应:企业融资约束的视角  

Supply Chain Spillovers from State Capital's Equity Participation in Private Firms:A Perspective on Corporate Financing Constraints

作　　者：何奇龙 李亚龙 罗兴 

机构地区：[1]郑州大学商学院,河南郑州450001

出　　处：《浙江金融》2025年第1期40-53,39,共15页Zhejiang Finance

摘　　要：本文以2007~2022年沪深两市A股上市公司披露的数据为样本,实证检验了国有资本参股民营企业与民营企业供应链融资约束的关系。结果表明,国有资本参股民营企业后,民营企业供应链上的公司融资约束得到显著缓解,且该结论通过了一系列稳健性检验。机制分析表明,民营企业供应商融资约束的缓解是通过降低其应收账款周转天数、增加其信息透明度实现的;异质性分析发现,国有资本参股后,规模较大的企业融资约束缓解作用更为显著。This paper selects the data disclosed by A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as a sample,and empirically examines the relationship between state-owned capital participation in private enterprises and the financing constraints of private enterprises'supply chains.The results show that the financing constraints of companies in the supply chain of private enterprises are significantly alleviated after state-owned capital participation in private enterprises,and this finding passes a series of robustness tests.Mechanism analysis shows that the alleviation of supplier financing constraints of private firms is realized by reducing their accounts receivable turnover days and increasing their information transparency.Heterogeneity analysis finds that the financing constraint alleviation effect is more significant for firms that are larger in size and so on after state-owned capital participation.

关 键 词：国有资本参股 民营企业供应链 融资约束 供应链溢出效应 

分 类 号：F830.2[经济管理—金融学]