Can Reverse Mixed-ownership Reform in Private Enterprises Influence Corporate Leverage Manipulation Behavior?
The reverse mixed-ownership reform,in which state-owned capital acquires stakes in private enterprises,can effectively curb leverage manipulation behavior in private firms.Using data from A-share listed private companies from 2010 to 2021,this paper empirically examines the impact of reverse mixed-ownership reform on corporate leverage manipulation behavior through a panel data model.The study finds that reverse mixed-ownership reform significantly suppresses leverage manipulation in private enterprises,and this conclusion remains robust even after accounting for endogeneity.Mechanism tests indicate that alleviating financing constraints through reverse mixed-ownership reform allows private enterprises to significantly reduce leverage manipulation.Additionally,enhancing market competitiveness through reverse mixed-ownership reform also significantly curbs leverage manipulation in private enterprises.Heterogeneity analysis reveals that the higher the cost of debt financing,the more significant the inhibitory effect of reverse mixed-ownership reform on leverage manipulation;similarly,the lower the degree of separation between ownership and control,the more significant the effect.
万方数据
维普
