Financing Constraints,Investment Opportunities And Mixed-Ownership Reform

In the last century,China has experienced a round of mixed ownership reform,which successfully saved a group of state-owned enterprises on the verge of bankruptcy.Since the beginning of the Third Plenary Session of the 18th CPC Central Committee,the reform of mixed ownership has always been the top priority in the field of economic reform in China.The National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission have also continuously expanded the scope of pilot enterprises for the implementation of mixed reforms,and gradually joined the enterprises in monopoly industries such as power,petroleum,telecommunications,and military industries to carry out pilot reforms.As an important economic policy of the country,the enthusiasm of the academic community has gradually been stimulated,but most of the research focuses on the reform methods and economic consequences,and there are few studies on the factors that promote the reform of mixed ownership.From the perspective of micro-enterprises,the essence of mixed ownership reform is to enable private enterprises to participate in state-owned capital and to own part of the equity of state-owned enterprises.For state-owned enterprises,it is also a way of financing.Most researchers think that state-owned enterprises do not face financing constraints,but over-debt.However,Liu Zhengfei(2015)found that compared with non-state-owned enterprises,the extent and the possibility that the asset-liability ratio is higher than the long-term target asset-liability ratio is lower in state-owned enterprises,which indicates that,the extent and the possibility of over-debt were less likely in state-owned enterprises from a long-term and dynamic perspective.In addition,the regulation of "deleveraging" policy and the monitoring of the debt ratio of state-owned enterprises make some state-owned enterprises also face financing constraints.This also rammed the research foundation of this paper.For state-owned enterprises facing financing constraints,they are more motivated to carry out mixed-ownership reform,and if they have good investment opportunities in the economic market,their financing pressure will be greater,which will strengthen their motivation to carry out mixed-ownership reform.Therefore,based on one of the paths of state-owned enterprises mixed-ownership reform,transferring equity from state-owned enterprises to private enterprises,this paper studies the role of financing constraints in promoting state-owned enterprises to participate in the mixed-ownership reform.Based on the mixed ownership reform occurred in 2010-2017 data,through the empirical analysis,we can get the following conclusions:the financing constraints can promote the mixed ownership reform of state-owned enterprises and investment opportunities as a regulating role,that is,state-owned enterprises facing of financing constraints while having good investment opportunities,have higher possibility to implement mixed ownership reform.Further research shows that financing constraints will inhibit equity premium,thus providing convenient conditions for private enterprises to buy the equity.In addition,this paper also conducted a specific test on the mixed-ownership reform enterprises from the aspects of control right transfer and ownership concentration,and found that financing constraints played different roles in different types of enterprises.The research in this paper complements the academic research on mixed ownership reform and broadens the new direction of the research on mixed ownership reform.This paper also makes a detailed description of the data of mixed ownership reform from multiple perspectives such as the transfer of control rights and regulated industries,and makes an in-depth analysis of mixed ownership reform enterprises.