Does"Reverse Mixed Reform"Alleviate the Term Mismatch of Investment and Financing of Private Enterprises?
Mixed ownership reform is the main task of China's economic system reform at present,in the context of preventing and resolving major financial risks and promoting a virtuous cycle between finance and the real economy,whether it can alleviate the mismatch of investment and financing period of private enterprises is not only related to whether private enterprises can become stronger and bigger,but also affects the high-quality development of the economy.Based on the"reverse mixed reform"perspective of private enterprises'participation in mixed ownership reform,this paper studies the impact of state-owned capital participation on the investment and financing term mismatch of private enterprises by taking China's A-share private listed companies from 2009 to 2020 as samples.It is found that the participation of state-owned capital significantly reduces the maturity mismatch of investment and financing of private enterprises,and this effect is more obvious when the participation of state-owned capital is high,the participation of state-owned capital at the local level and the uncertainty of economic policy is large.The results of the mechanism test show that state-owned capital participation alleviates the term mismatch of investment and financing of private enterprises by exerting"resource effect"and"supervision and governance effect".The research of this paper provides useful reference and policy enlightenment for private enterprises to improve their investment and financing behavior and prevent and resolve financial risks through mixed ownership reform.
Reverse mixed reformInvestment and financing maturity mismatchState capitalPrivate enterprise
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