民營企業引入國有股東的動機及其業績表現

Abstract

The Third Plenary Session of the 18th CPC Central Committee pointed out that "Actively developing a mixed-ownership economy. Mixed-ownership economies with cross-shareholdings, such as state-owned capital, collective capital, and non-pubLi c capital, are an important form of realization of the basic economic system and are conducive to the expansion, value preservation and value-added, and competitiveness of state-owned capital, are conducive to complementing each other's strengths, promoting each other, and developing together for the capital of all form. Allowing more state-owned and other ownership economies to develop into a mixed-ownership economy. State-owned capital investment projects allow non-state-owned capital to participate. "

At the micro level of the enterprise, “mixed ownership” refers to the ownership structure of “cross-shareholding” and “mutual integration” between state-owned capital and non-state-owned capital, that is, state-owned enterprises allow private capital to participate in shares and private enterprises allow state-owned capital to participate. The existing literatures have made a comprehensive study on the privatization of state-owned enterprises, including state-owned enterprises, allowing private capital to participate in shares, but there is little research on the introduction of state-owned capital by private enterprises. What is the motivation behind the introduction of state-owned capital by private enterprises? What is the motive for state-owned capital to participate in private enterprises? What factors have affected the participation of state-owned capital in private enterprises? What is the impact of state-owned capital participation in private enterprises on the operating performance of private enterprises? In the situation that "mixed ownership" has become an important issue in economic reform, answering the above questions has important theoretical and practical significance.

This paper uses the Chinese Industrial Enterprise Database of the National Bureau of Statistics to conduct an empirical study on the above issues. The study found that:

First, the introduction of state-owned capital by private enterprises and the participation of state-owned capital in private enterprises have the following motives: (1) In industries with higher barriers, private enterprises adopt the “endorsement” of state-owned capital state ownership by introducing state-owned capital shares, and state-owned capital’s natural connection with government system is conducive to private enterprises breaking through industrial barriers. Therefore, the higher the barriers, the stronger the incentives for private enterprises to introduce state-owned capital shares. (2) The local governments in transition have assumed multiple policy objectives. For example, economic development, employment, social pension, etc., the government has the incentive to intervene in enterprises to reduce their own policy burdens, such as reducing local unemployment rate, helping local enterprises turn losses into profits, etc., therefore, private enterprises with poor business performance are more likely to obtain state-owned capital. (3) Promoting economic transformation and upgrading, accelerating the development of strategic emerging industries is an important economic goal of the government. State-owned capital is an important tool for government to intervene economy, reflecting the will of the government, so private enterprise in strategic emerging industries are more likely to get shares of state-owned capital.

Second, the participation of state-owned capital has a significant impact on the business performance of enterprises: (1) State-owned capital has significantly improved the financing convenience of private enterprises. After the participation of state-owned capital, the proportion of debt financing of private enterprises has risen significantly, while debt cost of financing has dropped significantly, and the impact of state-owned capital on the financing convenience of private enterprises is more pronounced in areas with lower levels of marketization; (2) State-owned capital significantly affects the profitability of private enterprises, and overall, after the participation of state-owned capital, the ROA of private enterprises has risen remarkably, and the influence of state-owned capital participation on private enterprises ROA has a significant inverted U shape, that is, under a certain shareholding ratio, the greater the share of state-owned capital, the positive impact of state-owned capital on the ROA of private enterprises is greater. When the threshold is exceeded, the negative impact of state-owned capital begins to exceed the positive impact. The impact of state-owned capital on ROA of private enterprises is still significantly positive, but the degree of positive impact is weakened.

This paper focuses on the motives and performance issues of mixed ownership of private enterprises, having the following innovations and contributions:

First, under the background of the reform of state-owned enterprises, the existing literatures mainly focus on the theoretical research of the mixed ownership of state-owned enterprises, while ignoring the theoretical research on the mixed ownership of private enterprises. This paper adopts the methods of case studies, empirical studies to deeply analyzes and discusses the related issues of mixed ownership in private enterprises, and provides corresponding empirical evidence to expand and enrich the research literature of mixed ownership, which has important theoretical significance.

Second, the mixed ownership of private enterprises is an important phenomenon in China's economic development and enterprise development. This paper conducts empirical research on the mixed motivations of private enterprises and the subsequent economic consequences, which helps to understand the mixed ownership of private enterprises. The cognition and understanding of phenomena also have important practical implications in the context of promoting the development of private enterprises and accelerating the development of private economy.

Date of Award	15 Aug 2019
Original language	Chinese (Traditional)
Awarding Institution	City University of Hong Kong
Supervisor	Xueping WU (Supervisor) & Qian Sun (External Supervisor)