国有资本参股与民营企业战略选择
State-owned Capital Participation and the Strategic Choice of Private Enterprises
吕志军 1王贞洁1
作者信息
- 1. 中国海洋大学 管理学院/中国企业营运资金管理研究中心,山东 青岛 266100
- 折叠
摘要
本文以2010-2020年A股民营上市公司为样本,实证检验国有资本参股对民营企业战略选择的影响.研究表明,国有资本参股能够提高民营企业战略激进度.机制检验发现,国有资本参股通过发挥"资金保障"和"共同保险"机制提高民营企业战略激进度.进一步分析发现,当民营企业所在地区金融发展水平较低、法律制度环境较差以及面临的经济政策不确定性较高时,国有资本参股对民营企业战略激进度的提升作用更大.经济后果分析发现,通过提高战略激进度,国有资本参股能够进一步提升民营企业价值,且不会导致企业违规行为增加.这表明国有资本参股民营企业既能促进国有资本做强做优做大,又能推动民营企业高质量发展.
Abstract
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.
关键词
逆向混改/战略选择/民营企业/国有资本/战略激进度Key words
Reverse Mixed-ownership Reform/Strategic Choice/Private Enterprises/State-owned Capital/Strategic Radicalization引用本文复制引用
基金项目
国家自然科学基金面上项目(72072166)
教育部人文社科基金项目(22YJC630204)
山东省自然科学基金项目(ZR2020MG032)
中央高校基本科研业务费专项(202461079)
出版年
2024
NETL
NSTL
万方数据