“国付民付”:国有企业在保障款项支付中的作用

Private listed company progress alongside SOEs:The role of SOEs in"guaranteeing payment"

国有企业是贯彻执行党中央决策部署的重要力量,在“保障款项支付”中发挥着带头执行的表率作用。借助于“清欠工作”的准自然实验,利用动态效应检验模型,研究国有企业清理拖欠对民营上市公司账款偿付的影响,探究国有企业作为“先行者”能否带动“保障款项支付”政策的全面有效执行。研究发现,国有企业的清理拖欠带动了民营上市公司的账款偿付,发挥了政策执行中的“以国带民”作用。机制检验表明,国有企业的清理拖欠主要通过示范效应和竞争效应带动民营上市公司或主动或被动地调整账款偿付决策,进而推动“保障款项支付”的全面落实。进一步研究发现,行业内国有企业占比越大、企业账款拖欠越少,国有企业对民营上市公司的带动效应越强;“保障款项支付”提高了政策执行企业的韧性。研究为评估国有企业在政策执行落实中的作用提供了丰富的微观证据,对于充分发挥国有企业政策执行的“以国带民”作用、推动政策的全面落实提供了政策启示。

State-owned enterprises(SOEs),as a significant force in implementing the Party Central Committee's decision-making and strategic deployment,play a leading role in"guaranteeing payment".By utilizing"the clearing delinquent accounts"in China as a quasi-natural experiment,and by employing a dynamic-effect testing model,this paper examines the impact of SOEs'clearing arrears on private listed companies'accounts repayment,and explores whether SOEs as"pioneers"can stimulate the comprehensive and effective implementation of policies.Empirical results find that SOEs'clearing arrears have facilitated accounts repayment by private listed companies,and that SOEs play a pivotal role in driving private listed companies to implement policies.Mechanism tests show that SOEs'clearing arrears primarily influence private listed companies to actively or passively adjust their own accounts repayment decisions through a demonstration effect and competitive pressure,which in turn advances the comprehensive implementation of"guaranteeing payment".Further research shows that the driving effect is more pronounced when SOEs hold a larger share within an industry,and when enterprise accounts are less delinquent,and that"the guarantee payment"improves organizational resilience of the enterprises implementing the policy.This research provides rich micro evidences for evaluating the role of SOEs in policy implementation,and offers policy implications for giving full play to the role of SOEs in promoting the comprehensive and effective implementation of policies.