Can State-owned Capital Participation Improve the Risk-Taking Level of Private Enterprises

ZHANG Jian-yu; YANG Xu

Volume 38 Issue 1

Jan. 2023

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2023 > 38(1): 75-87

ZHANG Jian-yu, YANG Xu. Can State-owned Capital Participation Improve the Risk-Taking Level of Private Enterprises[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(1): 75-87.

Citation:

ZHANG Jian-yu, YANG Xu. Can State-owned Capital Participation Improve the Risk-Taking Level of Private Enterprises[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(1): 75-87.

ZHANG Jian-yu, YANG Xu. Can State-owned Capital Participation Improve the Risk-Taking Level of Private Enterprises[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(1): 75-87.

Citation:

ZHANG Jian-yu, YANG Xu. Can State-owned Capital Participation Improve the Risk-Taking Level of Private Enterprises[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(1): 75-87.

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Can State-owned Capital Participation Improve the Risk-Taking Level of Private Enterprises

School of Business, Tianjin University of Finance and Economics, Tianjin 300222, China

Received Date: 2022-07-16
Available Online: 2023-03-09
Publish Date: 2023-01-28

Abstract

Abstract

With the deepening of mixed ownership reform, whether the mixed ownership form of state-owned capital participation in private enterprises can help the healthy development of private enterprises has become one of the academic focuses. Taking the A-share private listed companies in Shanghai and Shenzhen from 2009 to 2020 as the research sample, this article empirically tests the effect of state-owned capital participation on the risk-taking level of private enterprises. The findings reveal that state-owned capital participation can significantly improve the level of risk-taking of private enterprises, and this effect is more significant in the regions with more competitive industries, better financial development, and more uncertain economic policies, which is still valid a considering endogeneity such as reverse causality, sample selection, and a series of robustness tests.Further analysis of the mechanism shows that state-owned capital participation promoted the risk-taking of private enterprises by increasing government subsidies and bank loans.Through analysis of the mechanism and situational factors of state-owned capital participation affecting the level of risk-taking of private enterprises under the background of mixed ownership reform, this study not only helps to deepen the understanding of the problem of risk-taking of private enterprises, but also provides reference for promoting the reform of mixed ownership and optimizing the ownership structure of private enterprises.
- mixed ownership,
- participation of state-owned capital participation,
- enterprise risk-taking,
- industry competition,
- financial development level,
- economic policy uncertainty,
- government subsidies,
- bank loans

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References(42)

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