| The integration of military and civilian is a major strategic choice to promote the dual construction of economy and national defense.The mixed military and industrial reform is an important starting point for the integration of military and civilian.As a capital-and technology-intensive enterprise,the improvement of the total factor productivity of military enterprises has a significant impact on the actual effect of military-mixed reform,but the total factor productivity of military enterprises has been very slow since 2001.Unreasonable system is an important factor restricting the improvement of total factor productivity of military enterprises.Information disclosure system and equity financing system are important aspects.The essence of military-style mixed reform is to guide diversified funds into military enterprises and promote the internal governance reform of military enterprises.However,due to the weak internal information disclosure of military enterprises and the unreasonable external supervision system,investors lack access to investment information,hindering the entry of external capital into military enterprises and affecting the in-depth advancement of military industry.In the current military industry mixed reform,it is necessary to focus on how to improve information disclosure and equity financing systems to improve total factor productivity.This paper takes military enterprises as the research object,and on the one hand clarifies the mechanism of information disclosure and equity financing affecting the total factor productivity of military enterprises.Theoretical analysis found that improving internal governance and acquiring external resources is the main mechanism by which information disclosure directly affects the total factor productivity of military enterprises,while the “participation effect” of institutional holdings,the “check and balance effect” of shareholding shareholders,and the“support effect” of controlling shareholders.And the "empty effect" is a possible path for equity financing to play a mediating role.On the other hand,using the data of the military enterprises identified by the Military Industry Committee of the Association of Listed Companies from 2001 to 2017,according to the empirical steps of the mediation effect test,the quantitative analysis found that:(1)Information disclosure has significantly promoted the total factor productivity of listed military enterprises.The effect,and the promotion in the low-information quality sample is more significant.(2)Equity financing has a significant intermediary role,in whichequity balance and equity concentration are the mechanism of the intermediary effect of equity financing,and the mediating effect of institutional shareholding ratio is not significant.(3)There are differences in the mechanisms by which equity financing plays a role in different quality disclosures.In the high-quality disclosure quality sample,the intermediary effect of institutional shareholding ratio and equity concentration is not significant,but the total amount of equity financing and equity balance still has a mediating effect;in the low-information quality sample,the proportion of institutional shareholding The mediating effect of the balance of ownership and equity has not passed the sobel test,but other mechanisms of action are still significant.This study makes up for the gaps in the existing literature from the dual perspectives of information disclosure and equity financing,and has certain practical significance for the smooth advancement of military industry.Based on the above theoretical and empirical analysis,this paper points out how to improve the total factor productivity of military enterprises,from the perspective of improving the information disclosure system,expanding diversified financing channels,enhancing the voice of investment institutions,optimizing the shareholding ratio of controlling shareholders,and strengthening the balance of equity.A policy proposal was made. |
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