Based on the dual perspectives of resource effect and governance effect,this study ana-lyzes the impact of"reverse mixed reform"on the debt default risk of private enterprises,taking A-share private listed companies from 2016 to 2021 as a research sample.The research results show that"reverse mixed reform"can significantly reduce the debt default risk of private enterprises.Moreover,this inhibition effect is more significant in enterprises with high internal control level,strong manage-ment ability,and high development of regional digital inclusive finance,indicating that perfect internal control,efficient management team,and sufficient financial supply can strengthen the inhibition effect of"reverse mixed reform"on the debt default risk.The impact mechanism test shows that"reverse mixed reform"in the"resource effect"channel reduces the debt default risk of private enterprises mainly by increasing government subsidies and reducing the cost of debt financing,while in the"gov-ernance effect"channel it does so mainly by curbing excessive debt and improving the transparency of debt information.
关键词
逆向混改/债务违约风险/国有资本参股/资源效应/治理效应
Key words
reverse mixed reform/debt default risk/state-owned capital equity participation/re-source effect/governance effect
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