Research On The Impact Of Reverse Mixed-Ownership Reform On Financing Constraints Of Private Enterprises

Enterprises have objective financing needs in every stage of their life cycle.For a long time,state-owned companies have been an important part of the economic growth,however,with the advancement of marketization process,the position of private enterprises in the market economy is gradually appearing.According to the current situation of Chinese enterprises,the problem of financing constraints is more obvious in the private enterprises,it is also a sore point in the development process of private enterprise,so it is urgent to explore an effective way to solve the problem of financing constraints of private enterprise.As can be seen from the policy-based documents issued in recent years,the mixed ownership reform is being vigorously promoted,and the reverse mixed-ownership reform also becomes a new trend in the development of private enterprises.The introduction of state-owned capital can not only strengthen the relationship with the government,but also bring mature management and governance experience,optimize their own governance structure and improve their corporate image,so as to bring impetus to their external financing.Therefore,the reverse mixed-ownership reform is a viable approach to alleviate the financing constraints of private enterprises.Firstly,this paper combs the literature on the economic impacts of reverse mixedownership reform and the influence factors of financing constraints,summarizes the research results of existing scholars.Secondly,it systematically expounds the related concepts of the reverse mixed-ownership reform and financing constraints,and introduces the relevant theoretical basis to lay the groundwork for this paper.Thirdly,this paper is based on Chinese A-share private listed companies from 2014 to 2021,uses STATA15.0for regression analysis,and empirically tests the relationship between private enterprises’ reverse mixed-ownership reform and financing constraints.The results represent that:(1)The introduction of state-owned stockholders into private enterprises through can greatly ease the financing constraints of private enterprises.(2)Based on three basic theories,the mediating effect of political relevance,corporate governance level and accounting information quality is proposed.The results support the above hypothesis.It is speculated that political association,corporate governance level and accounting information quality play a partial mediating role in reversed mixed-ownership reform and financing restrictions.(3)At the same time,considering the different degree of marketization,the effect of reversed mixed-ownership reform in easing financing constraints may be different.This paper further analyzes the degree of marketization in different regions,and the results show that compared with the eastern region with a higher degree of marketization,the growth rate of information in the central and western regions is more obvious.The effect of reversed mixed-ownership reform on financing constraints of private enterprises is more obvious.Finally,from the perspective of government and enterprises,this paper provides suggestions for private enterprises to alleviate financing constraints.The research results of this paper not only enrich the theoretical knowledge of private enterprise’ financing constraints,but also have certain reference significance for private enterprises participating in the mixedownership reform.