This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study ...This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.展开更多
Improvement of the macroeconomic governance system as an important part of the national governance system is a key initiative to address major economic problems in the new era.The coordination and economic regulatory ...Improvement of the macroeconomic governance system as an important part of the national governance system is a key initiative to address major economic problems in the new era.The coordination and economic regulatory effects of fiscal and monetary policies are subject to the arrangements of fiscal and financial decentralization systems.Analysis revealed a mismatch between China’s fiscal income decentralization and fiscal spending decentralization,as manifested in the clear decentralization of fiscal revenue and vague decentralization of fiscal spending;in pursuing local economic stability,local governments seek other sources of revenue and compete for financial resources,as manifested in apparent financial centralization and implicit financial decentralization,causing financial decentralization to be inconsistent between various levels of government and between government and the market.The above-mentioned problems are reflected in mutual conversion between public finance and financial intermediation as two financial allocation methods and mutual transmission between fiscal and financial risks,making the case for enhancing coordination between fiscal and monetary policies.In creating a scientific macroeconomic governance system,therefore,we must establish clear local government responsibilities,reduce the proportion of local fiscal spending,clarify the orientations and relief boundary of fiscal and monetary policies,moderately decentralize financial powers,and give better play to the role of local governments in improving the quality of economic development and controlling major risks.展开更多
At present,at the crossroads between building a moderately prosperous society in all respects and entering a critical moment as socialism with Chinese characteristics has entered a new era.China is undergoing profound...At present,at the crossroads between building a moderately prosperous society in all respects and entering a critical moment as socialism with Chinese characteristics has entered a new era.China is undergoing profound and complex changes and accordingly,the Communist Party of China(CPC)Central Committee has stressed on winning the tough battle of forestalling and defusing major risks,especially preventing and controlling financial risks.This is a major strategic plan laid out by the CPC Central Committee to combat the salient weaknesses constraining the progressive development of China’s economy.After an analysis of the economic situations in China and abroad,China is confident,determined,and capable of winning the tough battle of forestalling and defusing financial risks.展开更多
基金supported by the National Natural Science Foundation of China,“State-owned Capital Participation and Financial Behavior of Private Enterprises:A Study from the Perspective of‘Balance’and‘Complementarity’of Multiple Major Shareholders”(Grant No.72202230).
文摘This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.
基金late-stage funding from the National Social Science Fund of China(NSSFC)“Study on Financial Decentralization,Financial Risks and Financial Governance”(Grant No.20FJYA002).
文摘Improvement of the macroeconomic governance system as an important part of the national governance system is a key initiative to address major economic problems in the new era.The coordination and economic regulatory effects of fiscal and monetary policies are subject to the arrangements of fiscal and financial decentralization systems.Analysis revealed a mismatch between China’s fiscal income decentralization and fiscal spending decentralization,as manifested in the clear decentralization of fiscal revenue and vague decentralization of fiscal spending;in pursuing local economic stability,local governments seek other sources of revenue and compete for financial resources,as manifested in apparent financial centralization and implicit financial decentralization,causing financial decentralization to be inconsistent between various levels of government and between government and the market.The above-mentioned problems are reflected in mutual conversion between public finance and financial intermediation as two financial allocation methods and mutual transmission between fiscal and financial risks,making the case for enhancing coordination between fiscal and monetary policies.In creating a scientific macroeconomic governance system,therefore,we must establish clear local government responsibilities,reduce the proportion of local fiscal spending,clarify the orientations and relief boundary of fiscal and monetary policies,moderately decentralize financial powers,and give better play to the role of local governments in improving the quality of economic development and controlling major risks.
文摘At present,at the crossroads between building a moderately prosperous society in all respects and entering a critical moment as socialism with Chinese characteristics has entered a new era.China is undergoing profound and complex changes and accordingly,the Communist Party of China(CPC)Central Committee has stressed on winning the tough battle of forestalling and defusing major risks,especially preventing and controlling financial risks.This is a major strategic plan laid out by the CPC Central Committee to combat the salient weaknesses constraining the progressive development of China’s economy.After an analysis of the economic situations in China and abroad,China is confident,determined,and capable of winning the tough battle of forestalling and defusing financial risks.
