State-owned Capital Participation and the Strategic Choice of Private Enterprises
This paper takes A-share private listed companies from 2010 to 2020 as the research sam-ple,and empirically tests the influence of state-owned capital participation on the strategic choice of private enterprises.The research shows that the state-owned capital participation can increase the strategic radicalization of private enterprises.The mechanism test shows that the state-owned capital participation can increase the strategic radicalization of private enterprises by exerting the"fund guarantee"and the"co-insurance"mechanism.Further analysis shows that when the regional financial development level is low,the regional legal system environment is poor,and the economic policy uncertainty is high,the state-owned capital participation has a more significant effect on the improvement of the strategic radicalization of private enterprises.The analysis of economic conse-quences shows that by improving the strategic radicalization,the state-owned capital participation can further enhance the value of private enterprises,and will not increase the violations of enterpri-ses,indicating that the state-owned capital participation in private enterprises can not only enhance the strength,quality,and size of the state-owned capital,but also promote the high-quality devel-opment of private enterprises.
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