国有股权参股与民营企业高质量发展——基于多重中介效应模型

State Owned Equity Participation and High-quality Development of Private Enterprises Based on Multiple Mediation Effect Model

文章将我国民营上市公司数据与国有股权数据匹配,基于面板数据模型研究国有股权参股对民营企业高质量发展的影响。实证结果表明,国有股权参股可以促进民营企业高质量发展,国有股权参股通过降低代理成本和提升战略风险承担水平提升发展质量。多重中介效应模型分析表明,降低代理成本路径发挥了主要作用。异质性分析表明,国有股权参股显著提升规模较小和处于高市场竞争环境中民营企业的发展质量;当国有股权属于地方国有企业且成立时间较短时,其对民营企业高质量发展水平的促进作用更为显著。研究结论对如何提升民营企业发展质量具有一定现实意义。

Matching the data of private listed companies in China with the data of state-owned equity,the study examine the impact of state-owned equity participation on the high-quality development of private enterprises based on a panel data model.The empirical results show that state-owned equity participation can promote the high-quality development of private enterprises,and state-owned equity participation can improve the quality of development through reducing agency costs and improving the level of strategic risk taking.The multiple mediation effects model analysis indicates that the path of reducing agency costs plays a primary role.Heterogeneity indicates that state-owned equity participation significantly improves the development quality of private enterprises in small scale and high market competition environments.Moreover,when state-owned equity belongs to local state-owned enterprises and has been established for a relatively short time,its promoting effect on the high-quality development of private enterprises becomes more significant.The research conclusion has reference significance on how to improve the development quality of private enterprises.