中国矿业大学学报（社会科学版）2025，Vol.27Issue(3)：124-139,16.DOI:10.20089/j.cnki.issn.1009-105x.2025.03.010
民营企业"逆向混改"与融资约束缓解:影响路径与作用效果研究
The"Reverse Mixed Ownership Reform"of Private Enterprises and the Alleviation of Financial Constraints:Research on the Influence Path and Effect
摘要
Abstract
Financial constraints have consistently been a significant obstacle to the growth of China's private economy.Whether the"Reverse Mixed Ownership Reform"can alleviate these constraints and facilitate the development of private enterprises in a high-quality way has become an urgent issue that requires empirical testing.Based on the data of A-share private listed companies in Shanghai and Shenzhen Stock Exchanges from 2010 to 2021,this paper empirically tests the impact of"Reverse Mixed Ownership Reform"on the financial constraints of private enterprises and the corresponding mechanisms.The results show that the"Reverse Mixed Ownership Reform"effectively alleviates the financing constraints of private enterprises.This effect is more significant in the regions with lower marketization level,the industries with higher competition degree and the private enterprises with lower level of corporate governance.The mechanism test indicates that the"Reverse Mixed Ownership Reform"enhances private enterprises'access to bank credit financing and commercial credit financing,improves the quality of corporate information and inhibits the hollowing practice of controlling shareholders.This,in turn,alleviates financial constraints through three channels:the resource effect,the information effect and the governance effect.The results of the study provide a theoretical basis and empirical evidence for further promoting the mixed ownership reform and facilitating the healthy development of private enterprises.关键词
逆向混改/融资约束/民营企业/现金-现金流敏感性Key words
Reverse Mixed Ownership Reform/financial constraints/private enterprises/cash and cash flow sensitivity分类
经济学引用本文复制引用
姚圣,徐艺欣..民营企业"逆向混改"与融资约束缓解:影响路径与作用效果研究[J].中国矿业大学学报（社会科学版）,2025,27(3):124-139,16.基金项目
上海市哲学社会科学规划项目"'双碳'背景下上海企业强制性碳信息披露制度设计与实施研究"(项目编号:2022BGL009) （项目编号:2022BGL009）
