State-owned Equity Participation and the Financing Constraints of Micro and Small Enterprises(MSEs)——A Dual Perspective Based on Institutional and Efficiency Logics
Based on institutional and efficiency logics,using data from CMES,this paper investigated the action mecha-nism of state-owned equity participation on the financing constraints of MSEs.It is found that government equity involve-ment enhances the degree of interest association between government and enterprise,which helps MSEs reduce agency costs and information asymmetries and have access to guaranteed resources,while MSEs are less subject to dual agency problems,by establishing equity connection with the government,MSEs can convert credit resource inputs into invest-ment project outputs more effectively,which has much more significant institutional return effects.Therefore,state-owned equity participation is an effective policy tool to alleviate the financing constraints of MSEs.
MSEsfinancing constraintsstate-owned equityresource effectscross-sectional data
万方数据
