Research On The Influence Of State-owned Capital’s Shareholding On The Financialization Of Private Enterprises

This paper explores the effect of state-owned capital participation in private enterprises on the financialization of private enterprises from the micro enterprise level.In recent years,the profitability of real enterprises has declined significantly,and the increasingly high profit returns of financial investment are in sharp contrast,which has driven more and more real estate enterprises to invest a large amount of capital in the financial and real estate markets.Moreover,due to the characteristics of China’s market economy,compared with state-owned enterprises,private enterprises generally face property rights discrimination in resource acquisition,etc.,and industrial development is more difficult,so many private entities have begun to be keen on financial investment,which may bring high returns in the short term,but at the same time,it also brings risks caused by sharp fluctuations in the capital market and "crowding" of corporate entity investment,affecting its long-term development.The financialization of private enterprises’ assets has intensified the phenomenon of "turning from real to virtual".At this time,it is very necessary to explore the influencing factors of the financialization of real enterprises,because only by truly understanding the influencing factors of financialization can we formulate a targeted control plan,so as to achieve the purpose of accurately controlling the financialization degree of real enterprises.In order to help the development of the private economy,the Chinese government encourages state-owned capital to participate in private enterprises,promote two-way "mixed reform",and strive to achieve "common progress of the people".State-owned capital participation can bring resource advantages and governance optimization to private enterprises at the same time,so will the restructuring of equity structure have an impact on the financial investment behavior of private enterprises? If the CEO has a financial background,what impact will the relationship between the participation of state-owned capital and the financialization of private enterprises have? Answering this series of questions will provide reference for private enterprises on how to "hold the main business" and achieve long-term healthy development.Therefore,based on the research perspective of equity integration of different natures,this paper constructs a multiple regression model based on resource dependence theory,principal-agent theory and imprint theory,and takes the A-share private companies in Shanghai and Shenzhen from 2014 to 2021 as samples,discusses the impact and mechanism of state-owned capital participation on the financialization of private enterprises,and also explores the regulating effect of the financial background of CEOs of private enterprises.The results show that:(1)The participation of state-owned capital in private enterprises can significantly reduce the financialization level of private enterprises,and the higher the shareholding ratio,the more obvious the role.(2)In private enterprises,if the CEO has a financial background,it will weaken the inhibitory effect of state-owned capital participation on the financialization of private enterprises.(3)Entity investment,first-class agency costs and private enterprise social responsibility play an intermediary role in the impact of state-owned capital participation on the financialization of private enterprisesFrom the perspective of the mixed ownership equity structure of private enterprises,this paper explores the impact and role path of the economic behavior of state-owned capital participation in private enterprises on the financialization of private enterprises’ assets,and confirms the multi-faceted promotion effect of stateowned capital participation on the development of private enterprises from the perspective of resource effect and governance optimization.At the same time,this paper incorporates the special manager trait of CEO financial background into the research framework,and provides guidance for how enterprises can avoid making unbalanced and unreasonable decisions when configuring management teams from the perspective of manager imprinting,and enriches the research of imprint theory in the field of manager behavior.The relevant research conclusions of this paper are helpful for all parties to have a more comprehensive and scientific understanding of the policy of mixed reform,and provide reference experience for how private enterprises can alleviate resource difficulties,improve internal governance level,optimize investment decisions,scientifically allocate senior management teams,and promote long-term development of enterprises.