摘要
企业债务违约风险已成为我国金融领域的重大风险之一,如何有效防控企业债务违约风险是打好防范化解重大金融风险攻坚战的重要内容。本文基于混合所有制改革视角,立足于民营企业,以2007—2021年沪深A股上市民营企业为样本,探究国有资本参股能否降低民营企业债务违约风险及其作用机制。研究发现,国有资本参股能够显著降低民营企业的债务违约风险。机制检验结果发现,国有资本在民营企业中能够发挥资源支持效应和监督治理效应,通过缓解融资约束问题,改善短贷长投策略和抑制民营资本无序多元化扩张,进而降低企业债务违约风险。进一步检验发现,与其他企业相比,国有资本参股对民营企业债务违约风险的抑制作用在中小民营企业和位于亲清政商关系更好地区的民营企业中更显著。另外,当企业面临较高的经济政策不确定性时,国有资本参股对民营企业债务违约风险的抑制作用也更为明显。研究结论不仅对国有资本参股和民营企业债务违约的相关文献形成有益补充,而且对进一步深化混合所有制改革和守住不发生系统性重大金融风险提供决策依据和启示。
Corporate debt default risk has become one of the major risks in China’s financial field.How to effectively prevent and control corporate debt default risk is an important part of the struggle to prevent and solve major financial risks.Based on the perspective of mixed ownership reform and private enterprises,this paper takes A-share listed private enterprises in Shanghai and Shenzhen from 2007 to 2021 as samples to explore whether state-owned capital participation can reduce the debt default risk of private enterprises and its mechanism.The results show that state-owned capital participation can significantly reduce the debt default risk of private enterprises.The mechanism test results show that state-owned capital can exert the resource support effect and the supervision and governance effect in private enterprises,improve the strategy of short borrowing and long investment,and restrain the disorderly diversified expansion of private capital by easing financing constraints,thus reducing the risk of corporate debt default.Further examination shows that,compared with other enterprises,the inhibiting effect of state-owned capital participation on the debt default risk of private enterprises is more significant for small and medium-sized private enterprises and private enterprises located in areas with better government-enterprise relations.In addition,when enterprises face high economic policy uncertainty,state-owned capital participation has a more obvious inhibitory effect on the debt default risk of private enterprises.The research conclusions not only form a useful supplement to the relevant literature on state-owned capital participation and private enterprise debt default,but also provide a decision-making basis and inspiration for further deepening the mixed ownership reform and preventing the occurrence of systemic major financial risks.
作者
陆岷峰
王稳华
朱震
LU Min-feng;WANG Wen-hua;ZHU Zhen(Sci-Tech Finance Institute,Shanghai University,Shanghai 200444,China;School of Accounting,Yunnan University of Finance and Economics,Kunming Yunnan 650221,China)
出处
《苏州大学学报（哲学社会科学版）》
CSSCI
北大核心
2024年第3期125-137,共13页
Journal of Soochow University(Philosophy & Social Science Edition)
基金
国家自然科学基金项目“高管团队特征对企业数字化转型的影响研究”(项目编号:72262033)
国家社会科学基金项目“基于区块链技术的供应链金融共生融资模式与协同决策研究”(项目编号:20BGL009)
国家社会科学基金项目“互联网金融市场跨界风险的协同监管长效机制与政策研究”(项目编号:21BJY022)
中国博士后科学基金资助项目“战略联盟驱动企业数字化转型的机制和经济后果研究”(项目编号:2023M740619)的阶段性成果。
作者简介
陆岷峰,上海大学上海科技金融研究所(上海市软科学研究基地)高级研究员,教授、博士生导师,国宏新型城镇化发展联盟首席经济学家,主要从事数字经济和金融科技研究;通信作者:王稳华,云南财经大学会计学院讲师,主要从事数字化转型和资本市场会计研究,E-mail:wenhua_wang@163.com;朱震,云南财经大学会计学院博士研究生,主要从事公司治理与资本市场会计研究。
