The Impact Of The Mixed Reform Of State-owned Enterprises On The Financing Ability Of Enterprises

Mixed ownership economy refers to the economic form of diversified investment,cross shareholding and integrated development of property right subjects of different ownership in the same economic organization.At present,China is vigorously developing the mixed ownership economy.State owned enterprises inject vitality into state-owned enterprises and improve the rate of return on capital by introducing private capital.At present,the reform of mixed ownership provides a feasible scheme for the effective integration of state-owned capital and private capital.The strong credit resources of state-owned enterprises and the positive vitality of private enterprises penetrate and influence each other,making it possible for mixed ownership enterprises to bring new growth to the social economy.Financing behavior is a necessary activity for the long-term operation of enterprises.The size of financing ability largely determines the anti risk degree and sustainable development degree of enterprises.In the process of enterprise operation,increasing the proportion of financing amount will further improve the operating efficiency of enterprises.One of the ways of mixed ownership reform-constantly attracting private elements and strategically introducing private shareholders is itself an equity financing behavior.Therefore,it is very necessary and meaningful to study the impact of the degree of mixed ownership reform on the financing ability of enterprises.Based on the study of the relevant literature and theories on the impact of mixed ownership reform on the financing capacity of enterprises,this paper takes 767A-share listed state-owned enterprises as sample companies,selects the degree of equity checks and balances and the proportion of non-state-owned shares as the criteria to measure the degree of mixed ownership reform,selects the data from 2010 to 2021,and uses the panel regression model to empirically analyze under the background of mixed ownership reform,Whether the increase of non-state-owned shareholders and the checks and balances of heterogeneous shareholders can affect the financing ability of enterprises? Based on the fact that the main financing methods of enterprises are equity financing and debt financing,this paper will explain the impact of mixed ownership reform on the debt financing ability and equity financing ability of enterprises respectively.The study found that: first,the mixed ownership reform of state-owned enterprises inhibited the debt financing ability of enterprises and promoted the equity financing ability of enterprises.Second,in comparison,in competitive industries,state-owned enterprises and local state-owned enterprises,the effect of mixed ownership reform on enterprise financing ability is more obvious.Third,in the western region,the mixed reform of state-owned enterprises has a great inhibitory effect on the debt financing ability of enterprises and a small promoting effect on the equity financing ability of enterprises.Fourth,the market-oriented quality has a positive regulatory effect on the effectiveness of the mixed ownership reform on the debt financing ability and equity financing cost of enterprises,that is,the mixed reform of state-owned enterprises weakens the inhibition of the debt financing ability of enterprises,and weakens the promotion of the equity financing ability of enterprises.Fifth,the proportion of non-state-owned shares has a threshold effect on the negative impact of the reform of mixed ownership on the debt financing ability of enterprises.When the degree of mixed reform is too large,the policy effect of mixed reform of state-owned enterprises on enterprises is weakened.Sixth,the impact of mixed ownership reform on enterprise debt financing ability and equity financing ability has a threshold effect with the level of asset liability ratio as the threshold.When the asset liability ratio of enterprises is high,the mixed ownership reform improves the debt financing ability of enterprises and inhibits the equity financing ability of enterprises.This shows that based on the actual situation of the low degree of mixed ownership reform in China,state-owned enterprises should further deepen the mixed ownership reform,and steadily promote the mixed ownership reform of state-owned enterprises according to different regions,enterprise administrative level attributes,industry nature and market-oriented process.At the same time,enterprises should combine debt reduction with the process of mixed reform,with appropriate mixed reform,reasonable liabilities and stable operation.