国有资本参股对民营企业债务融资能力的影响——基于对公司债务融资能力的研究
The Influence of State-Owned Capital’s Equity Participation on the Debt Financing Ability of Private Enterprises—Based on the Research of Corporate Debt Financing Ability

民营企业的“融资难”已经成为其可持续发展的一个瓶颈，而在面对新冠疫情这样的突发事件时，这个问题尤为突出。本文主要以企业债务融资能力为切入点，主要从社会声誉、信息质量、政府支持三个层面探讨了国有资本参股的“反向混改”是否以及如何影响民营企业。研究发现：国有资本参股民营企业，可以显著提高后者的债务融资能力。同时，经过一系列内生性及稳健性检验后，上述结论依然成立。进一步的机制分析发现：国有资本参股民营企业后，会通过提升民营企业的社会声誉、提高信息质量、获得更多政府支持，进而改善了其债务融资。如此为“反向混改”中如何解决民营企业发展的瓶颈“融资难”以及如何更好地引入国有资本提供了参考方案，对于发展混合所有制改革的可行性和必要性提供了一定的经验证据。
The “difficulty in financing” of private enterprises has become a bottleneck for their sustainable development, and this problem is particularly acute in the face of emergencies such as the COVID-19 pandemic. This paper mainly takes the debt financing ability of enterprises as the entry point, and mainly discusses whether and how the “reverse mixed reform” of state-owned capital eq-uity participation affects private enterprises from three aspects: social reputation, information quality and government support. The results show that: the state-owned capital shares in private enterprises, can significantly improve the latter’s debt financing ability. Meanwhile, after a series of endogeneity and robustness tests, the above conclusions are still valid. Further mechanism analysis shows that: after state-owned capital shares in private enterprises, it can improve their debt fi-nancing through enhancing their social reputation, improving information quality and obtaining more government support. This provides a reference scheme for how to solve the bottleneck of private enterprise development “financing difficulties” and how to better introduce state-owned capital in the “reverse mixed ownership reform”, and provides some empirical evidence for the feasibility and necessity of developing mixed ownership reform.