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论文编号：	15395
作者编号：	2120233672
上传时间：	2025/6/9 22:55:01
中文题目：	逆向混改、公司治理与债务融资成本
英文题目：	Reverse Hybridization, Corporate Governance and The Cost of Debt Financing
指导老师：	陆宇建副教授
中文关键字：	逆向混改；债务融资成本；公司治理；委托代理理论
英文关键字：	Reverse Hybridization; Cost of Debt Financing; Corporate Governance; Principal-agent Theory
中文摘要：	自十八届三中全会召开以来，随着国家政策对混合所有制经济模式的持续推动，越来越多国有企业开始主动通过参股或收购方式与民营企业建立深度合作关系。2020 年出台的《关于支持民营企业加快改革发展与转型升级的实施意见》特别强调，要引导民营企业加快股权结构优化，鼓励其积极参与混合所有制改革进程，通过完善公司治理机制提升市场化运营水平。这种被称为“逆向混改”的创新实践，有效促进了国有资本与民营资本在资源配置层面的深度融合，双方通过战略协同形成了优势互补的发展共同体。值得注意的是，国有资本天然具备政策导向优势，当其以股东身份参与民营企业发展时，不仅能构建更规范的监管体系，更可借助政府资源为民营企业带来税收优惠、融资便利等支持条件。近年来学术界开始聚焦这类特殊股权结构带来的治理效应，研究发现国有股东的引入能显著提升民营企业的管理效能。从现实需求看，长期困扰民营经济的融资成本高企问题，本质上反映了市场对其信用风险的评估偏差。本研究创新性地从债务融资成本切入，实证分析逆向混改对企业风险管控和可持续发展能力的积极影响，为探索混合所有制改革的多元实践路径提供了具有说服力的经验证据。 本文选取 2013 至 2023 年间中国 A 股市场非金融类民营上市企业样本，基于公司治理视角，系统考察了逆向混合所有制改革对企业债务融资成本的效应及其作用路径。实证检验结果表明，逆向混改对企业债务融资成本具有显著的抑制效应，这一结论在控制潜在内生性问题及实施多轮稳健性测试后仍保持稳定。进一步机制分析揭示，逆向混改通过优化民营企业治理体系，从而实现了债务融资成本的下降。通过异质性分析发现，对于不同规模、不同市场化进程、不同创新能力的民营企业来说，逆向混改对债务资本成本的影响具有显著的差异性。除此之外，本文发现，通过逆向混改降低债务融资成本可以有效提高企业价值。基于此，针对逆向混改的推进和实施范围以及优化新增国有资本的布局提出了进一步的建议，为逆向混改的发展决策提供参考。
英文摘要：	Since the Third Plenary Session of the 18th Central Committee of the Communist Party of China (CPC) was held, with the continuous promotion of the mixed ownership economic model by the national policy, more and more state-owned enterprises have started to take the initiative to establish in-depth cooperative relationships with private enterprises through equity participation or acquisition.2020, the Implementation Opinions on Supporting Private Enterprises to Accelerate Reform, Development, Transformation and Upgrading of Private Enterprises, in particular, emphasized that it should guide private enterprises to accelerate the optimization of their shareholding structure, and encourage them to actively participate in the mixed ownership reform process, and enhance the level of market-oriented operation by improving the corporate governance mechanism.This innovative practice, known as “reverse hybridization”, effectively promotes the deep integration of state-owned capital and private capital at the level of resource allocation, and the two sides have formed a development community with complementary advantages through strategic synergy. It is worth noting that state-owned capital naturally has policy-oriented advantages, when it participates in the development of private enterprises as a shareholder, not only can build a more standardized regulatory system, but also with the help of government resources for private enterprises to bring tax incentives, financing facilities and other support conditions. In recent years, academics have begun to focus on the governance effects of this special equity structure, and studies have found that the introduction of state-owned shareholders can significantly improve the management effectiveness of private enterprises. From the perspective of practical needs, the problem of high financing costs that has long plagued the private economy essentially reflects the market's biased assessment of its credit risk. This study innovatively starts from the cost of debt financing and empirically analyzes the positive impact of reverse mixing on corporate risk control and sustainable development ability, providing persuasive empirical evidence for exploring the multiple practice paths of mixed ownership reform. This paper selects a sample of non-financial private listed firms in China's A-share market during the period from 2013 to 2023, and systematically examines the effect of reverse mixed-ownership reform on the cost of corporate debt financing and its path of action based on the corporate governance perspective. The empirical test results show that the reverse mixed ownership reform has a significant dampening effect on corporate debt financing costs, a finding that remains stable after controlling for potential endogeneity problems and implementing multiple rounds of robustness tests. Further mechanism analysis reveals that reverse mixing reform achieves a reduction in debt financing costs by optimizing the governance system of private enterprises. Heterogeneity analysis reveals that the impact of reverse mixing on the cost of debt capital is significantly different for private firms of different sizes, different marketization processes, and different innovation capabilities. In addition, this paper finds that reducing the cost of debt financing through reverse mixing reform can effectively improve enterprise value. Based on this, further suggestions are put forward for the promotion and implementation scope of reverse mixed reform and optimization of the layout of new state-owned capital to provide reference for the development decision of reverse mixed reform.
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