Research On The Influence Of State-Owned Shareholders’ Participation On The High-Quality Development Of Private Enterprises

The party has repeatedly emphasized the importance of private enterprises to our country’s economic development.In the two sessions of 2023,the Party Central Committee repeatedly emphasized that the overall high-quality development of the economy puts forward higher requirements for the development of the private economy,private enterprises with the ability and conditions to strengthen independent innovation,better promote the transformation of scientific and technological achievements of private enterprises,but private enterprises in the development process of the shortage of development resources,insufficient policy support and other problems,Hindering the high-quality development of private enterprises themselves.When state-owned enterprises introduce private enterprises to implement mixed ownership reform,private enterprises also actively introduce state-owned equity participation to improve their own governance level,so whether state-owned equity participation will help improve the high-quality development of private enterprises,it is worth discussing from all walks of life.This paper selects the A-share privately held listed companies in Shanghai and Shenzhen from 2009 to 2021 as the research object,analyzes the current situation of the introduction of state-owned equity in private enterprises with the combination of theory and practice,and uses the method of empirical test to find the empirical evidence of whether state-owned equity participation will promote the high-quality development of private enterprises.Through the test of endogeneity and robustness,the following conclusions are drawn:(1)State-owned equity participation can promote the high-quality development of private enterprises in China;(2)State-owned equity participation promotes private enterprises to achieve high-quality development by easing financing constraints and reducing agency costs;(3)The heterogeneity test shows that the state-owned equity participation has a greater impact on the high-quality development of private enterprises with small scale and a short history,which is helpful to improve the development quality of private enterprises in the high market competition environment;In terms of state-owned equity heterogeneity,local state-owned enterprises and state-owned shareholders with a short history are more conducive to the high-quality development of private enterprises.In terms of regional macro environmental heterogeneity,state-owned equity participation plays a more significant role in promoting the high-quality development of private enterprises in an environment of high marketization and low economic policy uncertainty.Finally,it puts forward some suggestions from state-owned equity and private enterprises,in order to better promote and improve the mixed ownership reform,and realize the goal of our high-quality development.