民营企业跨所有制并购与资本结构调整速度

民营企业混合所有制改革是助推经济高质量发展的重要途径,是拓宽融资渠道、缓解融资约 束、优化企业资本结构的重要抓手,但相关研究相对不足。 利用 2014—2018 年民营上市公司的并购数 据,检验跨所有制并购对资本结构调整速度的作用机理。 研究发现:民营企业跨所有制并购对资本结构 调整速度具有促进作用,且主要是通过降低企业的融资约束、削弱代理成本而实现,融资约束和代理成本 发挥了部分中介效应。 研究结论不仅为缓解企业融资约束及代理问题提供了新的思路和方法,也为保护 关注非公有制企业的发展与融合,促使其发挥民间资本的优势,在混合所有制经济的建设过程中贡献力 量具有积极意义。

Cross-ownership M&A and Capital Structure Adjustment Speed of Private Enterprises

The reform of mixed ownership of private enterprises is an important way to boost high-quality economic development, and also an effective means to broaden financing channels, alleviate financing constraints and optimize corporate capital structure. However, relevant researches are relatively insufficient. By using the M&A data of private listed companies from 2014 to 2018 to test the mechanism of its effect on the speed of capital structure adjustment, it is found that the cross-ownership M&A of private enterprises can promote the speed of capital structure adjustment, and it is realized mainly by reducing the financing constraints and agency costs of enterprises, and the financing constraints and agency costs play a part of the intermediary effect. The research conclusion not only provides new ideas and methods for alleviating the financing constraints and agency problems of enterprises, but also has positive significance for protecting and paying attention to the development and integration of non-public enterprises, promoting them to give full play to the advantages of private capital and contributing to the construction of mixed ownership economy.