State-Owned Capital Participation in Private Enterprises: A Perspective of Debt Financing
被引:0
作者:
He Dexu
论文数: 0引用数: 0
h-index: 0
机构:
Business School, University of Chinese Academy of Social Sciences
National Academy of Economic Strategy, Chinese Academy of Social Sciences Business School, University of Chinese Academy of Social Sciences
He Dexu
[1
,2
]
Zeng Min
论文数: 0引用数: 0
h-index: 0
机构:
National Academy of Economic Strategy, Chinese Academy of Social Sciences Business School, University of Chinese Academy of Social Sciences
Zeng Min
[2
]
Zhang Shuonan
论文数: 0引用数: 0
h-index: 0
机构:
School of Finance, Zhejiang University of Finance & Economics Business School, University of Chinese Academy of Social Sciences
Zhang Shuonan
[3
]
机构:
[1] Business School, University of Chinese Academy of Social Sciences
[2] National Academy of Economic Strategy, Chinese Academy of Social Sciences
[3] School of Finance, Zhejiang University of Finance & Economics
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 stateowned 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 microlevel.