In the context of comprehensive deepening reform,more and more private enterprises are par-ticipating in mixed ownership reform by introducing state-owned capital.The effect of state-owned capital par-ticipation on private enterprises has attracted widespread attention from governments and scholars.This paper takes state-owned capital participation in private enterprises as an entry point,takes private listed companies from 2013 to 2021 as a sample,uses the multi-period DID model and the mediation effect model to conduct an empirical test,discusses the effect of state-owned capital participation in private enterprises'social responsibili-ty performance,and analyzes its mechanism.The following conclusions are drawn:State-owned capital has played a leading role,and state-owned capital participation in private enterprises has improved their enthusi-asm to perform social responsibility,the more state-owned capital in private enterprises,the higher their share-holding ratio,and the stronger their promoting effect on fulfilling social responsibility;Mechanism analysis found that the"resource effect"brought by state-owned capital alleviates the financing constraints of private enterprises,thereby promoting them to actively fulfill their social responsibilities;Heterogeneity analysis found that when the scale of the enterprise is large and the level of economic development in the region is good,the positive impact of state-owned capital participation on the fulfillment of social responsibility by private enterpri-ses weakens;Further analysis shows that state-owned capital participation significantly improves the market value of private enterprises.In the market economy environment,state-owned capital participation enables pri-vate enterprises to achieve a win-win situation of social and economic benefits.Therefore,attention should be given to the positive role of state-owned capital participation in enhancing private enterprises'social responsibil-ity performance and intrinsic value.Efforts should be made to actively introduce state-owned capital participa-tion,increase resource support for private enterprises,and promote the transformation and upgrading of China's private economy.
关键词
国有资本参股/社会责任/融资约束/市场价值/多期DID
Key words
state owned capital participation/corporate social responsibility/financing constraints/mar-ket value/multi-period DID
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