中国私营企业的国有股权参与和融资约束:基于竞争压力前景
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Published on: October 12, 2015
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1College of Business, Huaihua University, Huaihua, Hunan, China.
PloS one
|November 15, 2023
概括
国家股权参与通过减少竞争压力,缓解了中国私营企业的融资约束. 这对寻求资本的新兴,非集团和非上市公司尤其有利.
科学领域:
- 经济学 经济学 经济学
- 企业金融公司财务
- 工业组织 工业组织 工业组织
背景情况:
- 中国的私营企业面临着严重的融资限制.
- 竞争压力增加了对外部资本的需求.
- 内在的认知缺陷阻碍了将资本需求转化为融资应用.
研究的目的:
- 调查国家股权参与对缓解中国私营企业融资约束的影响.
- 了解国家参与影响企业融资的机制.
- 分析不同类型企业中这种效应的异质性.
主要方法:
- 世界银行调查的2,256家中国私营企业数据 (2011年,2013年) 的分析.
- 分析了来自3,197家上市的中国企业 (2009年至2020年) 的数据.
- 实证检查国家股权参与对融资约束的影响.
主要成果:
- 国家股权参与有效地减轻了融资约束.
- 这种缓解是通过减少混合股权企业的竞争压力来实现的.
- 对新兴企业,非集团企业和非上市企业的影响更为显著.
结论:
- 国家股权参与是缓解私营企业融资挑战的机制.
- 降低竞争强度是国家参与资助的关键途径.
- 针对性的国家参与对于特定的企业部门可能更有效.
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