【摘要】 本文以中国2010—2023年上市公司为研究对象,基于民企参股国企的视角,实证检验混合所有制改革对民企债券信用利差的影响。研究发现,民企参股国企具有逆向赋能效应,有利于降低债券信用利差,作用机制表现为资源获取效应、产权保护效应、信号传递效应、组织合法性增进效应。异质性分析表明,当民企参股多个国企、在国企中持股年限较长、与被持股国企处于同一行业中、与国企之间地理距离较小、民企存在QFII持股时,混合所有制改革对债券信用利差的降低作用更显著。拓展性研究结果表明,混合所有制改革有利于提高民企的出口加成率。本文研究有助于构建混合所有制改革与债券市场反应之间的逻辑关系,还丰富了混合所有制改革经济效应的研究。更多还原

【Abstract】 Taking Chinese listed companies from 2010 to 2023 as the research object, this paper empirically examined the impact of mixed ownership reform on the corporate bond credit spreads of private enterprises from the perspective of private enterprises’ equity participation in state-owned enterprises( SOEs). The findings reveal that private enterprises’ equity participation in SOEs has a reverse empowerment effect, which helps reduce corporate bond credit spreads. The mechanism of action is manifested in the resource acquisition effect, property rights protection effect, signal transmission effect, and organizational legitimacy enhancement effect. Heterogeneity analysis shows that the reducing effect of mixed ownership reform on corporate bond credit spreads is more significant when private enterprises hold equity in multiple SOEs, have a long-term shareholding in SOEs, operate in the same industry as the invested SOEs, are geographically close to the SOEs, or have QFII( Qualified Foreign Institutional Investor) holdings. Extended research results indicate that mixed ownership reform is conducive to increasing the export markup rate of private enterprises. This study helps construct the logical relationship between mixed ownership reform and bond market reactions and enriches the research on the economic effects of mixed ownership reform.更多还原