Mixed Ownership Reform Of State-owned Enterprises And Short-term Loans And Long-term Investment

Short term loans and long term investments are the financing disorder caused by the mismatching of investment and financing periods.At present,China’s capital market is not fully developed,and the financing channels are single.From an external perspective,the institutional environment and short-term interest margin are important factors that affect commercial banks to issue long-term loans.Based on this,commercial banks are less willing to issue long-term loans.From the perspective of enterprises,short-term loans and long-term investments for state-owned enterprises are more derived from the property rights of state-owned enterprises.On the one hand,state-owned enterprises not only have economic goals,but also play a role in guiding the healthy development of the national economy as a pillar of the national economy,so they bear many policy burdens.As compensation for the burden,state-owned enterprises enjoy more policy preferences.Based on their property rights,they have strong implicit government guarantees,so loans for state-owned enterprises are easier to obtain.On the other hand,the agency chain of state-owned enterprises is long,and the agency efficiency is seriously lost.There is a serious problem of "insider control" within enterprises,which is prone to excessive on-the-job consumption,rent-seeking,excessive investment and other phenomena.The above two problems of state-owned enterprises are likely to cause enterprises to borrow excessively short-term loans,deviate from the debt structure,and cause short-term loans and long-term investments.In the long run,short-term loans and long-term investments are not conducive to the improvement of enterprise efficiency and competitiveness,and affect the market-oriented development of state-owned enterprises.In 2022,the NPC and CPPCC pointed out that while deepening the mixed transformation of state-owned enterprises,market barriers should be broken to achieve efficient allocation of production factors.Therefore,it is the key work of the government to continue to promote and improve the mixed ownership reform of state-owned enterprises in the future.The introduction of non-state-owned equity in the mixed transformation of state-owned enterprises can not only peel off the policy burden of enterprises,reduce government intervention,so as to achieve the goal of reducing soft budget constraints,but also effectively supervise the senior executives of state-owned enterprises by establishing a more perfect internal control system and process,break the "one share dominance" phenomenon,and improve the internal control of enterprises.Therefore,to explore the role of mixed ownership reform of state-owned enterprises in short-term loan and long-term investment is conducive to correcting the term matching problem of state-owned enterprises and promoting the healthy development of state-owned enterprises.Based on the current economic and social development situation and relevant theoretical research in China,this paper takes the A-share state-owned listed companies in 2010-2019 as the research sample,and explores the relationship between the mixed ownership reform of state-owned enterprises and short-term loan and long-term investment,as well as its mechanism.After testing the robustness of the research results and using the tool variable method to solve the endogenous problem.Further analyze the governance effect of mixed ownership reform on short loan and long investment under different heterogeneous environments.The research finds that:(1)the mixed ownership reform can significantly reduce the level of short-term loans and long-term investments of enterprises;(2)the mixed ownership reform can alleviate the level of short-term loans and long-term investments by improving the quality of internal control and hardening the soft budget constraints of enterprises.(3)Among different enterprise levels,compared with the central enterprises,the mixed ownership reform of state-owned enterprises has a better effect in easing the short-term loans and long-term investments of enterprises in local state-owned enterprises;In different industries,non-state-owned shareholders can play a better role in governance and supervision in competitive industries,and have a better governance effect on short-term loans and long-term investments;In the case of lower uncertainty of economic policy and higher level of financial development,the mixed ownership reform of state-owned enterprises has a better effect in easing the short-term loan and long-term investment of enterprises.Finally,according to the research results,this paper puts forward relevant suggestions: continue to deepen the reform of mixed ownership of state-owned enterprises;Pay attention to the problem of short-term loan and long-term investment of enterprises,and strengthen the quality construction of internal control of enterprises;Pay attention to the stability of economic policy;We will improve the level of financial development.