证券市场导报Issue(12)：31-42,12.
国有资本参股如何影响民营企业投融资期限错配?
摘要
Abstract
This paper explores the marginal spillover effect of state-owned capital participation from the perspective of investment-financing term structure.The paper finds that state-owned capital participation helps to alleviate the investment-financing maturity mismatch of private enterprises,and the effect of different state-owned capital participation subjects differs from each other.The mechanism test shows that state-owned capital participation inhibits the investment-financing maturity mismatch of private enterprises through multiple paths,such as the supervision effect,resource effect,and pulling effect.Further research finds that the alleviation effect of state-owned capital participation on the investment-financing maturity mismatch is more significant for enterprises with controlling shareholder equity pledges,larger funding gaps,and higher funding demands.This study expands and deepens the research extension of"reverse mixed-ownership reform"and provides new ideas and evidence for alleviating the investment-financing maturity mismatch of enterprises.关键词
国有资本参股/公司治理/混合所有制/投融资期限错配/控股股东股权质押Key words
state-owned capital participation/corporate governance/mixed ownership/investment-financing maturity mismatch/equity pledge of controlling shareholder分类
管理科学引用本文复制引用
徐鹏,李廷刚,白贵玉..国有资本参股如何影响民营企业投融资期限错配?[J].证券市场导报,2023,(12):31-42,12.基金项目
国家自然科学基金面上项目"母子公司高管协同配置驱动机制及效应研究——基于公司治理视角的探索"(71972117)、山东省社科规划研究重点项目"新时代山东省属国有企业党的领导与公司治理的融合机制及效应研究"(23BGLJ02)、山东省自然科学基金面上项目"资本市场改革背景下上市公司治理稳定性评价与保障机制研究"(ZR2022MG028)、泰山学者工程专项(tsqn202103095) （71972117）
