Mixed Ownership Reform,Financing Cost and SOEs Deleverage
Using the financial data of state-owned enterprises from 2009 to 2022,this paper studies the effect and mechanism of mixed ownership reform on the leverage ratio of state-owned enterprises.The research shows that the mixed ownership reform reduces the leverage ratio of state-owned enterprises through the financing cost mechanism and the return on capital mechanism.The reason for the mixed ownership reform to reduce the leverage ratio of state-owned enterprises is the reduction of the debt side and the increase of the equity side.The introduction of non-state capital of various nature and the number of directors appointed by non-state shareholders can reduce the leverage ratio of state-owned enterprises.The mixed ownership reform effect of central soes is better than that of local soes.In view of this,we should make full use of the characteristics of mixed-ownership reform to reduce the leverage ratio of state-owned enterprises,vigorously promote the process of mixed-ownership reform of state-owned enterprises,accelerate the optimization of state-owned capital layout and structural adjustment,and reduce economic and financial risks.The non-state capital introduced in the process of mixed ownership reform of state-owned enterprises should follow the principle of"quality rather than quantity",and should not blindly pursue the diversification of non-state capital participation types.Non-state-owned shareholders can directly participate in enterprise management decisions by appointing directors to give full play to the balance effect of non-state-owned capital.The practice of mixed ownership reform of state-owned enterprises should focus on the heterogeneous characteristics of enterprises with different government levels,and further promote the mixed ownership reform process of central state-owned enterprises.
万方数据
维普
