Equity Structure and Enterprise Internal Common Prosperity
The report of the 20th Party Congress points out that Chinese-style modernization is the modernization of common wealth for all people.Common wealth is the essential requirement of socialism and an important content of the cause of socialism with Chinese characteristics,the realization of which cannot be achieved without the change of corporate behavior on the supply side and production side.Whether the shareholding structure of state-owned listed enterprises,as large-scale enterprises at the head of the industrial chain and the core of the supply chain,may play a certain role in the promotion of common wealth on the supply side of the market has become the question this paper wants to answer.Based on the research perspective of common prosperity,this paper takes A-share state-owned listed enterprises as research samples during the period of 2011-2020,and attempts to empirically test the synergistic sharing effect of the diversity,depth and integration of equity entities by constructing a comprehensive index of common prosperity within the enterprise,as well as the moderating role of the internal resource effect and the external government intervention by constructing a comprehensive index of common prosperity within the enterprise,and further analyze the influence of the heterogeneity of different types of enterprises.and further analyze the impact of heterogeneity of different types of enterprises.The results of the study indicate that equity diversification can significantly promote the degree of common wealth within enterprises,and that there is an"inverted U-shaped"relationship between the depth of equity,the degree of integration of equity and the common wealth within enterprises.Through the inflection point of the"inverted U-shaped"curve,the article found that when the level of common wealth within the state-owned enterprises reaches the optimal level,the optimal proportion of non-state shareholders among the top ten shareholders is 36.8％.From the perspective of moderating effect,enterprises with strong availability of credit resources and low level of implicit government guarantee can achieve the optimal level of common wealth with relatively low proportion of non-state equity or low heterogeneous equity integration.In terms of heterogeneity analysis,on the whole,adjusting the equity structure has a more significant effect on the level of common wealth within local SOEs,monopolistic industries,and low-marketization regions than that of central SOEs,competitive industries,and enterprises in high-marketization regions.In a sense,the existence of an optimal shareholding structure in SOEs that is conducive to internal common prosperity is an important theoretical foundation for more active participation in the strategy of"solidly promoting common prosperity"in the future.The findings of this paper provide policy insights for China to further deepen the reform of state-owned enterprises and to promote the realization of the goal of common wealth.
common prosperityequity structurestate-owned enterprisesreform of state-owned enterprises
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