摘要
以“管资本”为导向的国有资本授权经营体制改革是现阶段深化国资国企改革的重大举措。本文以2009-2020年沪深A股国有上市企业为研究对象,采用多时点双重差分法考察了国有资本授权经营体制改革对国有企业杠杆率的影响。研究发现,国有资本授权经营体制改革能够显著降低国有企业杠杆率,该结论在进行一系列稳健性检验后仍然成立。作用路径检验结果表明,国有资本授权经营体制改革能够通过提高企业内源融资能力、强化管理者风险规避意识来间接降低国有企业杠杆率。进一步研究发现,国有资本授权经营体制改革显著降低了国有企业的短期杠杆率,但对长期杠杆率没有显著影响;国有资本授权经营体制改革降低了国有企业的过度负债水平;改革前国有企业的股权控制层级越少,国有资本授权经营体制改革对国有企业杠杆率的抑制作用越强。本研究为国有资本授权经营体制改革的有效性提供了经验证据,对进一步深化国资国企改革,防范和化解重大系统性金融风险,推动经济高质量发展具有政策启示意义。
The Chinese government began reorganising and setting up state-owned capital investment and operation companies in batches at the level of central and local state-owned enterprises(SOE)in 2014.Based on this exogenous event,this article investigates the impact of the state-owned capital authorized operation system reform on the leverage of SOE by the multi-time DID model.The sample of Shanghai and Shenzhen A-share listed SOE from 2009 to 2020 was selected,and the state-owned capital investment and operation company pilot was collected manually.The results show a significant negative relationship between the reform and SOE leverage.In other words,the reform can significantly reduce the leverage of SOE.This conclusion is still hold after a series of robustness tests.Several path tests are employed in this article.The internal financing ability and managers'risk avoidance awareness play a partial mediating role in the relationship between the state-owned capital authorized operation system reform and SOE leverage.Improving the internal financing ability and strengthening the managers'risk aversion awareness are two ways for the reform to reduce the SOE leverage.However,external financing ability does not mediate this relationship.The results of further research on the state-owned capital authorized operation system reform are as follows.The reform significantly reduces SOE short-term leverage rather than long-term leverage,indicating that the deleveraging effect of the reform is different in SOE debt maturity structure.The reform also reduces SOE excessive debt level,which shows the effectiveness of inhibiting SOE leverage.The level of equity control is a factor in the relationship between the reform and SOE leverage;in particular,the lower the level of SOE equity control before the reform,the stronger the restraining effect of the reform on the leverage ratio.This paper has two potential theoretical contributions.Firstly,it enriches the research on the economic consequences of the state-owned capital supervision sys
作者
綦好东
吕振伟
苏琪琪
QI Hao-dong;LV Zhen-wei;SU Qi-qi(School of Accountancy,Shandong University of Finance and Economics,Jinan,Shandong,250014,China;State-owned Capital Research Institute,Shandong University of Finance and Economics,Jinan,Shandong,250014,China)
出处
《经济管理》
CSSCI
北大核心
2022年第10期39-55,共17页
Business and Management Journal ( BMJ )
基金
国家社会科学基金重大项目“深化国企混合所有制改革的理论与实践创新研究”(21ZDA040)。
关键词
国有资本授权经营体制
企业杠杆率
国有企业
国有资本投资运营公司
state-owned capital authorized operation syste
enterprise leverage
state-owned enterprise
state-owned capital investment and operation company
