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论文编号：	14705
作者编号：	2120223647
上传时间：	2024/6/6 12:10:52
中文题目：	逆向混改对民营企业风险承担水平的影响
英文题目：	The Influence of Reverse Mixed Ownership Reform on the Risk-taking Level in Private Enterprises
指导老师：	刘志远
中文关键字：	国有资本参股；逆向混改；风险承担；资源效应；治理效应
英文关键字：	State-owned participation; Reverse Mixed Ownership Reform; Risk-taking; Resource effect; Governance effect
中文摘要：	风险承担水平体现着企业承担风险的意愿，能够影响企业的长期发展和战略选择，近年来这一概念得到广泛关注，公司内部特征和外部政策会对其产生影响，内部特征包括管理层特征、股权结构、董事会架构等。同时，我国目前的经济发展情况展现出民营企业在宏观经济中占据重要地位，2023年9月底其数量占比达92.3%，为推动国民经济增长，我国经济体制在积极推行混合所有制改革，在民营企业中体现为逆向混改，其作为企业决策影响股权架构，进而影响企业的风险承担水平，目前学术界对逆向混改和风险承担水平的关系缺乏关注。 本文对逆向混改展开研究，研究国有资本参股对企业的风险承担水平的影响。以2009-2020年沪深A股上市的非金融非ST的民营企业为研究样本，实证检验了国有资本参股和民营企业风险承担水平的关系。使用替换样本、替换因变量衡量指标、滞后一期、PSM倾向得分匹配法、工具变量法等方法进行稳健性检验。本文通过理论分析结合实证结果发现，国有资本参股会降低民营企业的风险承担水平。进一步分析表明，国有资本会发挥资源效应，给民营企业带来更多政府补贴和更低的融资约束等；另一方面，国有资本入股民营企业后会发挥治理效应，发挥国有股东的特征，降低企业的税收规避，以及增加企业的第一类代理成本，通过这些机制会降低企业的风险承担水平，这些机制会发挥主要作用。异质性分析中，本文发现在高新技术行业、行业竞争度较强、企业自身经营绩效较差的民营企业的国有股东参股使得风险承担水平下降程度更高。 本文的贡献在于探究了逆向混改对民营企业风险承担水平的影响，为混合所有制改革的背景下民营企业是否选择进行逆向混改提供方向指引，以及在何种情况下进行逆向混改后风险承担水平不会显著下降，补充了逆向混改和风险承担水平的研究，具有理论意义和实践意义。
英文摘要：	The level of risk-taking reflects the willingness and ability to take risks for a company. It can affect the long-term development and strategic decision of an enterprise. In recent years, this concept has received extensive attention, and its influencing factors include internal characteristics and external policies. Internal characteristics includes manager characteristics, equity structure, and board structure. At the same time, China's private enterprises occupy an important position in macroeconomic, the number of which accounted for 92.3% by the end of Sep 2023. In order to promote the national economic growth, China's economic system is actively promoting the mixed ownership reform. As for the private enterprises, it’s called ‘the reverse mixed ownership reform’, which affects the equity structure and then affects the level of enterprise risk-taking. At present, there is little attention to the relationship between reverse mixed ownership reform and risk-taking level. This paper is about the ‘reverse mixed ownership reform’ and focuses on the governance effect and resource effect of state-owned capital about the ‘reverse mixed ownership reform’. They affect the risk-taking level of enterprises together. Taking the non-financial and non-ST private enterprises A-shares listed on Shanghai and Shenzhen from 2009 to 2020 as research samples, this thesis empirically tests the relationship between state-owned capital participation and risk taking of private enterprises. The robustness test includes replacement sample, replacement dependent variable measure index, lag one period, PSM (propensity score matching) and instrumental variable method. Through theoretical analysis and empirical results, this thesis finds that the reverse state-owned capital participation will reduce the level of risk taking of private enterprises. Further analysis shows that state-owned capital will play a resource effect, enabling private enterprises to obtain more government subsidies, ease financing constraints, etc. to improve the level of risk-taking of enterprises. Moreover, state-owned capital will exert governance effect, reduce the tax evasion of enterprises, and increase the first type of agency problems of enterprises. This part plays a major role in the mechanism of this research, and thus will reduce the level of risk taking of enterprises. In the heterogeneity analysis, this research finds that the risk-taking level of private enterprises in high-tech industry, fierce industry competition and lower ROA will decline significantly after the reverse mixed ownership reform. The contribution of this research is to explore the impact of reverse mixed ownership reform on the level of risk-taking of private enterprises, provide guidance on whether private enterprises should choose to carry out reverse mixed ownership reform under the background of mixed ownership reform, and under what circumstances the level of risk -taking will not decrease significantly after the reverse mixed ownership reform. It extends the research on reverse mixed ownership reform and risk bearing level, which has theoretical and practical meaning.
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