混合所有制改革能否提高国有企业信用评级?

Can Mixed Ownership Reform of SOEs Improve the Credit Rating?

本文考察了混合所有制改革对国有企业信用评级的影响。研究结果表明:“混改”显著提高了国有企业的主体信用评级,公司治理水平在其中起到了中介变量的作用,且这种提升效果在绩效不好的国企和自然垄断行业中更加显著。在现有文献缺乏对“混改”后国企信用状况的研究下,本文将二者联系起来,补充了相关文献,从政策实施的角度发现“混改”能够影响企业信用评级,同时对政府部门大力推进“混改”具有参考价值与启示意义。

This paper examines the impact of mixed ownership reform on the credit rating of state-owned enterprises.The results show that:mixed ownership reform can significantly improve the credit rating of state-owned enterprises,and the level of corporate governance plays an intermediary role in the promotion effect.Compared with the companies with good performance,the effect of mixed ownership reform on improving the credit rating of state-owned enterprises is more significant in the enterprises with poor performance;compared with competitive industries,the effect of mixed ownership reform to improve the credit rating of state-owned enterprises is more significant in natural monopoly industries.Due to the lack of research on the credit status of state-owned enterprises after the reform,this paper connects the two,supplements the relevant articles,and finds that the reform can affect the credit rating of enterprises from the perspective of policy implementation.This paper has reference value and enlightenment significance for government to promote the mixed ownership reform.