股权制衡、代理成本与公司价值——基于民营企业“反向混改”的经验证据

Equity Balance, Agency Cost and Corporate Value—Based on the Empirical Evidence of “Reverse Mixed Reform” in Private Enterprises

随着混合所有制改革进程的不断推进,国有资本参股民营企业符合国家的“双向混改”战略及“国民共进”模式。以2016—2021年沪深A股参与“反向混改”的民营企业为样本,通过分析与检验得出以下结论:第一,股权制衡度可以降低第二类代理成本,提高公司价值;第二,国有资本参股民营企业,可强化股权制衡度对代理成本的负向作用,缓解代理成本对公司价值的负向作用;第三,国有资本参股能够缓解民营企业的融资约束以及融资约束对公司价值的消极影响;第四,融资约束在国有资本参股与公司价值之间承担积极的中介效应。

With the continuous advancement of mixed ownership reform process,the participation of state-owned capital in private enterprises has been in line with the national strategy of“two-way mixed reform”and the mode of“national progress”.Taking the private enterprises that participated in the“reverse mixed reform”of Shanghai and Shenzhen A-shares from 2016 to 2021 as samples,this paper draws the following conclusions through analysis and test:firstly,the degree of equity balance can reduce the second type of agency cost and the reduction of the second type of agency cost can improve the company value;Secondly,the participation of state-owned capital in private enterprises can strengthen the negative effect of equity checks and balances on agency costs and alleviate the negative effect of agency cost on corporate value;Thirdly,the participation of state-owned capital can alleviate the financing constraints of private enterprises and the negative impact of financing constraints on company value;Fourthly,financing constraints have a positive intermediary effect between state-owned capital participation and company value.It enriches the economic effect research of mixed ownership reform and perfects the theoretical research of“reverse mixed reform”.