The Impact of State-owned Assets Regulatory System Reform on Anti-Risk Ability of State-owned Enterprises--Based on the Empirical Analysis of State-owned Capital Investment and Operation Company Pilot
Promoting the transformation of state-owned assets regulatory system from asset management to capital manage-ment is the key direction of state-owned capital reform in the new era.Based on the sample of A-share listed companies in Shanghai and Shenzhen,this paper constructs a DID model to test the effect of state-owned assets regulatory system reform on the anti-risk ability of state-owned enterprises(SOEs)from the perspective of state-owned capital investment and operation com-panies.This paper finds that state-owned assets regulatory system reform has significantly improved the anti-risk ability of SOEs.Mechanism analysis shows that,state-owned assets regulatory system reform improves the anti-risk ability of SOEs through total factor productivity growth mechanism,excessive investment inhibition mechanism and reducing financialization mechanism.Heterogeneity analysis shows that the marginal effect of state-owned assets regulatory system reform is affected by industry,region,and corporate governance.In the industry dimension,the anti-risk ability of SOEs in monopolistic or high-tech industries is more affected by state-owned assets regulatory system reform.In the regional dimension,the anti-risk ability of cen-tral enterprises and SOEs in the eastern region has a higher improvement effect.In terms of corporate governance,for SOEs with higher levels of mixed ownership reform,internal control,the proportion of independent directors and equity incentive,the anti-risk ability improvement effect is more obvious.
State-owned Assets Regulatory System ReformAnti-risk Ability of SOEsState-owned Capital Investment and Operation CompanyDID Model
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