“逆向混改”缓解了民营企业的投融资期限错配吗?

Does“Reverse Mixed Reform”Alleviate the Term Mismatch of Investment and Financing of Private Enterprises?

混合所有制改革是当下我国经济体制改革的主要任务,在防范化解重大金融风险和促进金融与实体经济良性循环的时代背景下,其能否缓解民营企业的投融资期限错配问题,不仅关乎着民营企业能否做强做大,更影响着经济的高质量发展。本文基于民营企业参与混合所有制改革的“逆向混改”视角,以2009—2020年我国A股民营上市公司为样本,研究了国有资本参股对民营企业投融资期限错配的影响。研究发现,国有资本参股显著降低了民营企业投融资期限错配程度,且这一作用在国有资本参与度高、地方层级国有资本参股以及经济政策不确定性较大时更为明显。机制检验的结果显示,国有资本参股通过发挥“资源效应”和“监督治理效应”缓解民营企业的投融资期限错配。本文的研究为民营企业如何通过混合所有制改革来完善其投融资行为和防范化解金融风险提供了有益借鉴和政策启示。

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.