混合所有制改革对杠杆率的影响研究

A Study on the Impact of Mixed Ownership Reform of SOEs on the Leverage

以2013-2020年沪深A股国有上市公司为研究样本,分析并检验了混合所有制改革对国有企业杠杆率的潜在影响、作用路径及经济后果。研究发现:(1)混合所有制改革中的股权制衡结构可以降低企业杠杆率;(2)将作用路径细分为“减长债、减短债、增本留利、增加其他权益”后,积极稳妥的“增本留利”方式是混合所有制改革降低企业杠杆率的重要传导路径;(3)混合所有制改革通过增本留利方式提高内源融资能力,缓解了杠杆率对企业债务风险的不利影响。本文为政府合理推进改革政策和企业选择有效的降杠杆方式提供有益参考。

Taking Shanghai and Shenzhen A-share state-owned listed companies from 2013 to 2020 as a research sample,this paper analyzes and examines the potential impact,role path and economic consequences of the mixed ownership reform of SOEs on the leverage.The study finds that:firstly,the balance of mixed ownership equity can reduce leverage;secondly,after subdividing the role path into reducing long-term debt,reducing short-term debt,increasing equity and retaining earnings,and increasing the equity of other owners,the mixed reform of SOEs has promoted enterprises to adopt an active and prudent approach to increase equity and retain earnings and reduce leverage;thirdly,the mixed ownership reform of SOEs improves internal financing capacity by increasing equity and retaining earnings,and alleviates the adverse impact of leverage on corporate debt risk.This paper provides a useful reference for the government to reasonably promote reform policies and enterprises to choose effective ways to reduce leverage.