股权混合度影响财务风险水平的作用机制——基于非效率投资的中介效应检验

The Mechanism of the influence of stock mixing degree on financial risk level: Based on the test of mediating effect of non-efficiency investment

区别于现有研究从企业绩效视角考察混合所有制企业股权混合的治理效应,从财务风险视角考察股权混合度的治理效应。以2015—2017年A股沪深市场的混合所有制企业为研究对象,提出“股权混合度—非效率投资—财务风险水平”这一传导机制。实证研究表明:股权混合度与企业财务风险水平、非效率投资显著负相关,非效率投资在股权混合度与财务风险之间承起部分中介效应;将所有样本分为投资过度和投资不足两组的实证结果发现:投资不足在股权混合度与财务风险之间依然起到部分中介作用,且中介效应显著,投资过度在二者间不存在中介效应。一方面揭示股权混合度对财务风险水平的影响机制,丰富完善现有研究;另一方面结合结论要点对混合所有制改革提供对应的股权结构安排措施,促进混合所有制企业高质量低风险稳健发展。

Different from the existing research,this paper examined the governance effect of mixed ownership of mixed ownership from the perspective of enterprise performance.The article examined the governance effect of equity mix from the perspective of financial risk.Taking the mixed ownership system of A-share Shanghai and Shenzhen stock markets in 2015-2017 as the research object,the chain mechanism of“equity blending degree-non-efficiency investment-financial risk level”was proposed.Empirical studies showed that equity mix was significantly negatively correlated with corporate financial risk level and non-efficiency investment.Non-efficiency investments bear a partial mediation effect between equity mix and financial risk;the empirical results of dividing all samples into over-investment and under-investment groups found that:insufficient investment still plays a partial intermediary role between the equity mix and the financial risk level,and the mediation effect is significant.Over-investment does not have a mediating effect between the two.On the one hand,it reveals the impact mechanism of equity mix on financial risk level,and enriches and improves existing research;on the other hand,combined with the conclusions,it provides corresponding equity structure arrangement measures for the reform of mixed ownership in full swing,and promotes the high-quality,low-risk and stable development of mixed-ownership enterprises.