State-owned Equity Participation and Financial Risk of Family Firms
The impact of"reverse mixed-reform"on family firms is a topic that has not been fully paid attention to and studied.This paper empiri-cally examinates the effect of state-owned equity participation on the financial risk of family firms based on the data of A-share listed family firms from 2010 to 2019.It is found that state-owned equity participation can effectively reduce the financial risk of family firms.Further analysis shows that the a-bove relationship is more significant when state-owned equity participation comes from local areas,or the state-owned equity participates in a long-term,or the family firm is in the high-tec manufacuring industry,or the family member is taking the role of CEO.Moreover,state-owned equity participation can reduce the financial risk of family firms by inhibiting tunneling behaviors of family controlling shareholders,improving the internal control system,optimizing the loan structure and improving innovation efficiency.This paper provides new insights for family firms to reduce financial risk and achieve high-quality development,also provides empirical evidence for relevant government departments to explore the best mode of"reverse mixed-reform".
万方数据
维普
