文献类型：期刊文献

中文题名：国有股权能促进民营企业“脱虚向实”吗?

英文题名：Can State-owned Equity Promote Private Enterprises to Shift from Virtual to Real Investment?

作者：赵彦锋[1];王桂祯[1];胡著伟[1]

第一作者：赵彦锋

机构：[1]河南财经政法大学会计学院,河南郑州450046

第一机构：河南财经政法大学会计学院

年份：2023

卷号：20

期号：1

起止页码：79-89

中文期刊名：南京审计大学学报

外文期刊名：Journal of Nanjing Audit University

收录：国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；

基金：河南省科技厅软科学项目(232400410712);河南省研究生教育改革与质量提升工程项目(YJS2023JC28)。

语种：中文

中文关键词：反向混改;国有股权;脱虚向实;第二类代理成本;分析师关注;混合所有制改革;企业金融化

外文关键词：reverse mixed ownership reform;state-owned equity;the investment structure shift from virtual to real;second type of agency cost;analyst focus;mixed-ownership reform;financialization of enterprise

摘要：基于“反向混改”的资源效应与治理效应,以2008—2019年我国沪深A股民营上市公司为样本,分析并实证检验了国有股权对民营企业“脱虚向实”的影响及其机制,形成以下结论:国有股权能促进民营企业“脱虚向实”;机制检验表明,治理效应即降低第二类代理成本与提高分析师关注度是国有股权促进民营企业“脱虚向实”的路径,而非资源效应,表明国有股权主要通过弱化参股企业逐利动机实现“脱虚向实”;异质性分析表明,在内部控制质量低及市场化程度高的样本中,国有股权的积极作用更显著。研究结论对引导民营企业利用国有资本发展实体经济具有借鉴意义。
Based on the resource and governance effects of “reverse mixed ownership reform”, this paper examines the impact of state-owned equity on private enterprises and its mechanism, and forms the following conclusion: state-owned equity can promote private enterprises to shift the investment structure from virtual to real;The mechanism test shows that the governance effect, that is, reducing the cost of the second type of agency and increasing the analysts focus, is the path of state-owned equity to promote private enterprises to shift the investment structure from virtual to real rather than the resource effect, indicating that state-owned equity mainly plays the function of “detaching the investment structure from virtual to real” by weakening the profit-seeking motivation;Heterogeneity analysis shows that among the samples with lower internal control quality and higher marketization degree environment, the promotion effect of state-owned equity is more significant. This paper not only enriches the research on the driving factors of enterprises shifting the investment structure from virtual to real and the economic consequences of “reverse mixed ownership reform”, but also has significant reference for guiding private enterprises to use state-owned capital to develop the real economy.