Matching the data of private listed companies in China with the data of state-owned equity,the study examine the impact of state-owned equity participation on the high-quality development of private enterprises based on a panel data model.The empirical results show that state-owned equity participation can promote the high-quality development of private enterprises,and state-owned equity participation can improve the quality of development through reducing agency costs and improving the level of strategic risk taking.The multiple mediation effects model analysis indicates that the path of reducing agency costs plays a primary role.Heterogeneity indicates that state-owned equity participation significantly improves the development quality of private enterprises in small scale and high market competition environments.Moreover,when state-owned equity belongs to local state-owned enterprises and has been established for a relatively short time,its promoting effect on the high-quality development of private enterprises becomes more significant.The research conclusion has reference significance on how to improve the development quality of private enterprises.
State-owned equityPrivate enterpriseHigh-quality developmentAgency costsLevel of strategic risk taking
万方数据
