The impact of reverse mixed reform on long-term investment with short-term financing of non-state-owned enterprises

Shiyu Song; Beibei Xia; Yuhao Shan

doi:10.54097/wb3xyn58

Authors

Shiyu Song
Beibei Xia
Yuhao Shan

DOI:

https://doi.org/10.54097/wb3xyn58

Keywords:

Reverse mixed reform, Long-term investment with short-term financing, Limitations in financial resources, Governance effect, Resource effect.

Abstract

本文探讨了反向混合所有制改革对2007—2022年沪深A股上市非国有企业长期投资和短期融资的影响，重点探讨了股权结构调整策略。研究结果表明，反向混合所有制改革对非国有企业长期短期融资投资水平具有显著的负向影响，PSM 和工具变量法等稳健性检验证明了这一点。此外，进一步的探索表明，这种关系可能会受到放宽财务资源限制和降低代理成本的影响。异质性分析表明，反向混合改革对短期融资长期投资的影响在小企业和监管薄弱的金融区域更为显著。这些见解为理解投融资活动中的行为提供了新的视角，同时加强了公司风险管理和战略决策的理论基础。

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