国有资本参股与民营企业战略选择被引量：11

State-owned Capital Participation and the Strategic Choice of Private Enterprises

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摘要本文以2010—2020年A股民营上市公司为样本,实证检验国有资本参股对民营企业战略选择的影响。研究表明,国有资本参股能够提高民营企业战略激进度。机制检验发现,国有资本参股通过发挥“资金保障”和“共同保险”机制提高民营企业战略激进度。进一步分析发现,当民营企业所在地区金融发展水平较低、法律制度环境较差以及面临的经济政策不确定性较高时,国有资本参股对民营企业战略激进度的提升作用更大。经济后果分析发现,通过提高战略激进度,国有资本参股能够进一步提升民营企业价值,且不会导致企业违规行为增加。这表明国有资本参股民营企业既能促进国有资本做强做优做大,又能推动民营企业高质量发展。 This paper takes A-share private listed companies from 2010 to 2020 as the research sample,and empirically tests the influence of state-owned capital participation on the strategic choice of private enterprises.The research shows that the state-owned capital participation can increase the strategic radicalization of private enterprises.The mechanism test shows that the state-owned capital participation can increase the strategic radicalization of private enterprises by exerting the"fund guarantee"and the"co-insurance"mechanism.Further analysis shows that when the regional financial development level is low,the regional legal system environment is poor,and the economic policy uncertainty is high,the state-owned capital participation has a more significant effect on the improvement of the strategic radicalization of private enterprises.The analysis of economic consequences shows that by improving the strategic radicalization,the state-owned capital participation can further enhance the value of private enterprises,and will not increase the violations of enterprises,indicating that the state-owned capital participation in private enterprises can not only enhance the strength,quality,and size of the state-owned capital,but also promote the high-quality development of private enterprises.

作者吕志军王贞洁 LV Zhijun;WANG Zhenjie(School of Management/China Business Working Capital Management Research Center,Ocean University of China,Qingdao 266100,China)

机构地区中国海洋大学管理学院/中国企业营运资金管理研究中心

出处《中南财经政法大学学报》 CSSCI 北大核心 2024年第4期29-42,共14页 Journal of Zhongnan University of Economics and Law

基金国家自然科学基金面上项目“资本效率及财务风险信息扭曲与多层次资本错配研究”(72072166) 教育部人文社科基金项目“数字化赋能制造业企业低碳转型的机制、效应与对策研究”(22YJC630204) 山东省自然科学基金项目“产品经营和资本经营之间的资本错配:成因、经济后果和化解对策”(ZR2020MG032) 中央高校基本科研业务费专项“国资监管体制改革对国有企业环境治理的赋能效应研究”(202461079)。

关键词逆向混改战略选择民营企业国有资本战略激进度 Reverse Mixed-ownership Reform Strategic Choice Private Enterprises State-owned Capital Strategic Radicalization

分类号 F276.5 [经济管理—企业管理]

作者简介吕志军(1994—),女,江苏连云港人,中国海洋大学管理学院/中国企业营运资金管理研究中心博士生;通讯作者:王贞洁(1982—),女,山东青岛人,中国海洋大学管理学院/中国企业营运资金管理研究中心教授。