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.
出处
《浙江金融》
2025年第1期40-53,39,共15页
Zhejiang Finance
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
State-Owned Capital Participation
Private Enterprise Supply Chain
Financing Constraints
Supply Chain Spillovers
作者简介
何奇龙(1985-),男,河南周口人,博士,郑州大学商学院副教授,研究方向:金融与博弈;李亚龙(2000-),男,河南郑州人,郑州大学商学院,研究方向:供应链金融;罗兴(1990-),男,湖北随州人,博士,郑州大学商学院副教授,研究方向:农村金融、金融发展与金融制度。
