| The driving power in the development of the national economy is definitely the state-owned economy.State-owned enterprises and state-owned capital are the specific manifestations of the state-owned economy and the basic medium through which the state-owned economy plays a leading role.In the process of my country’s economic system reform,the reform of state-owned enterprises has always been the core link.State-owned enterprises have implemented the shareholding system reform by introducing non-state-owned capital,continuously stimulating their vitality.State-owned capital is consolidated and reorganized to realize the concentration in advantageous industries and actively adjust the industry layout.Following the transition from the planned economy to the market economy,the state-owned economy and the non-state-owned economy have been continuously integrated,and the mixed-ownership economy has flourished.The "Decision on Issues Regarding to the Comprehensive Reform",which was launched by the 18th Central Committee,made a new elaboration on the status of the mixed-ownership economy in the nation economic system,and introduced the reform of asset supervision system of the state-owned and the development of mixed-ownership economy to a whole new phase.The "Guiding Opinions on Deepening the Reform of State-owned Enterprises" clarifies that the direction of the reform of the state-owned asset management system from "management of enterprises" to "management of capital",and the continued "two-way" development of the mixed-ownership economy.Since 2017,the Chinese government has issued instructions on the adjustment of the layout and structure of the state-owned economy for many times.Under the current background of state-owned asset reform,state-owned asset management departments need to rationally optimize the distribution of state-owned assets in the national economy through market-oriented capital operation,promote mutual benefit between state-owned capital and private enterprises.State-owned capital also needs to promote industrial transformation and upgrading,and further enhance the overall efficiency and function of the stateowned company and economy.Combining with the actual requirements of state-owned assets reform,this paper conducts three empirical studies on the theme of "the motivation and influence of state-owned capital injection into private firms" :(1)the motivation and industry layout choices in the process of state-owned capital injection into private firms;(2)the impact of capital injection on debt financing conditions and asset-debt maturity structure of private firms;(3)the impact of state-owned capital injection on total factor production efficiency and profitability of private firms.In this paper,the author tries to figure out the following questions: whether there is a motive to guide the development of local advantageous industries in the process of state-owned capital investing in private enterprises,whether the industrial layout of state-owned capital is reasonable;whether state-owned capital can be combined with private enterprises in a benign way to improve production efficiency.improve financing conditions and optimize the financial situation of enterprises.By doing so,this research can provide valuable policy reference for promoting the rational distribution of state-owned capital,improving capital returns and operational efficiency,and promoting the development of mixed-ownership economy.This research consists of six parts,which follow the internal logical framework of problem discovery-analysis-solving.The structure of this paper is designed like this:The introduction in the first chapter explains the background,research significance and methods of this paper,as well as possible innovations and deficiencies.This part briefly reviews the reform process of state-owned enterprises,describes the current situation of mixed-ownership economic development,and also gaps in the existing research,which highlights the practical and academic value of this research.The second chapter discusses the existing related researches.According to the three parts of the empirical research in this paper,this chapter sorts out the relevant literature research and integrates the existing academic viewpoints and theories.In the relevant literature part on the motivation of state-owned capital injection into private enterprises,this paper summarizes the research on the reasons for the nationalization of private enterprises,analyzes the functional role of the state-owned economy,and explains the viewpoint of new structural economics.The literature review provides theoretical support for the reasons and goals of state-owned capital injection into private enterprises.In the relevant literature section on the impact of state-owned capital injection on enterprise performance,this paper summarizes the empirical research on the effectiveness of mixed-ownership economic reforms,as well as the inefficiency problems and policy burdens of state-owned enterprises.In the literature review on the impact of state-owned capital injection on corporate financing and asset-debt structure,this paper summarizes the discussion opinions on property rights and corporate financing,as well as research on the financing and investment behavior of state-owned enterprises,laying a theoretical foundation for the relevant empirical research.The third chapter,based on the perspective of industrial comparative advantage,empirically studies the purpose and industrial choice of state-owned capital injection into private enterprises.The research results show that private enterprises whose industries are in line with regional factor endowments and technological comparative advantages are more likely to accept state-owned capital injection.This reflects the motivation of state-owned capital to guide the development of advantageous industries.The analysis based on the "efficient market" hypothesis shows that in areas with a high overall marketization level,state-owned capital can more effectively inject capital into private enterprises which already have comparative advantages.Among them,the price is determined by the market and the marketization of factors degree played an important role.The analysis based on the perspective of "promising government" shows that private enterprises in industries with comparative advantages but immature scale,and private enterprises with comparative advantages but relatively weak performance are more likely to accept capital injection from state-owned capital,reflecting the role of the "helping hand" of state-owned capital.Finally,private enterprises in industries with comparative advantages and high technological level requirements are more likely to accept state-owned capital injection,demonstrating the positive role of stateowned capital in promoting industrial technological progress.The fourth chapter studies the impact of state-owned capital injection on private firms’ debt financing conditions and asset-debt structure from the perspective of enterprise financial term structure.The empirical results show that,on the whole,state-owned capital injection increases the total debt financing of private enterprises,but the short-term debt financing increases while the long-term debt significantly decreases,and the debt financing maturity structure has not been improved.We determine whether the state-owned capital injection has policy tasks based on whether the company is in an industry supported by industrial policy and its performance before receiving capital injection.The test finds that the conditions for corporate debt financing will only change when state-owned capital invests in private enterprises with industrial policy support and poor performance for the policy goals of developing strategic industries and protecting local enterprises.From this,we believe that state-owned enterprises can obtain more debt financing only because they undertake certain policy tasks,but the burden of policy tasks will also limit their financing term structure.We further study the impact of state-owned capital injection on corporate asset-debt structure.The empirical results show that due to the reduction of long-term debt financing and the increase of short-term debt financing of enterprises,firms have developed aggressive investment and financing strategies of "short-term debt for long-term investment",and this is more obvious in enterprises with poor industrial policy support and performance.State-owned capital injection does not improve the financing structure of enterprises,and will adversely affect the asset-debt maturity structure of enterprises.The fifth chapter studies the impact and mechanism of state-owned capital injection on total factor productivity of private enterprises from the perspective of policy burden.This part adopts the method of propensity score matching and double difference.The study finds that the entry of state-owned capital leads to a significant decrease in the total factor production efficiency and profitability of private enterprises.Mechanism analysis found that after private enterprises received stateowned capital injection,their innovation output and management efficiency decreased significantly,which directly caused the loss of total factor productivity.In addition,private enterprises also bear heavier labor costs and increase fixed asset investment,while the decline in labor,fixed asset production efficiency and total factor productivity has weakened the profitability of enterprises.Further discussion found that the impact of state-owned capital injection has structural differences across industries.First,compared with technology-intensive industries,state-owned capital injection has a greater impact on firms in labor-intensive and capitalintensive industries;second,compared with monopoly industries,state-owned capital injection significantly reduces the total factor production of firms in competitive industries.The sixth chapter demonstrates the research conclusion,suggestion and prospect of this paper.This part organizes the main empirical research results of this paper,and puts forward some policy suggestions.First,rationally allocate stateowned capital to promote the development of local advantageous industries;second,fulfill the responsibilities of state-owned investors and release the vitality of independent operation of enterprises;third,consolidate the basic role of the market mechanism and improve the market adaptability of state-owned capital.Finally,this paper reflects on the research data,methods and perspectives,and proposes future research prospects.Compared with the previous literature,the main contributions of this paper can be briefly summarized as the following points.First,the existing literature mainly focuses on the effect of state-owned enterprises introducing private capital to carry out mixed ownership reform,but there is little discussion on state-owned capital investing in private enterprises.This paper studies the motivations,choices and results of state-owned capital injection in private enterprises,analyzes the subject more completely.Secondly,this paper links the industrial comparative advantage theory in new structural economics with the phenomenon of nationalization of private enterprises for the first time,and explains the motivation and standard of state-owned capital investing in private enterprises.While enriching the theory of industrial comparative advantage,this paper discusses the phenomenon of the integration of state-owned capital and private enterprises.Finally,this paper uses the difference-in-difference method to test the causal relationship between stateowned capital injection and corporate productivity and financing with a rigorous identification strategy.The empirical strategy of this paper is more rigorous,and the research results are more reliable. |
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