Analysis of the Impact and Role Mechanism of Introducing State-owned Capital on the Business Performance of Private Enterprises
This paper empirically investigates the impact of the introduction of state-owned capital on the business performance of private enterprises and its mechanism using a multi-period double-difference model with the relevant data of A-share listed companies during the period of 2004-2020.The empirical results of this paper show that the introduction of state-owned capital has an upgrading effect on the business performance of private enterprises;the mechanism analysis shows that the introduction of state-owned capital by private enterprises optimizes the relationship with state-owned financial institutions and the government,and through the mechanism of easing the financing constraints,lowering the cost of financing,and obtaining financial subsidies and other mechanisms,the formation of the"resource effect",resulting in such an upgrading effect.The introduction of state-owned capital optimizes the relationship with state-owned financial institutions and the government.Further research in this paper finds that after the introduction of state-owned capital,the transfer of control or not will have an impact on the performance of the enterprise,specifically,after the introduction of state-owned capital shareholders,the introduction of state-owned capital is still held by non-state shareholders,the introduction of state-owned capital has a more significant positive impact on the performance of the enterprise.The research in this paper provides empirical evidence for the impact of the introduction of state-owned capital on the business performance of private enterprises,and also provides a reference for promoting mixed ownership reform and better utilization of factor resources by various types of economic organizations under the existing financial system and fiscal system in China.
Mixed Ownership ReformIntroduction of State-owned CapitalPrivate EnterprisesBusiness PerformanceResource Effect
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