This paper explores the marginal spillover effect of state-owned capital participation from the perspective of investment-financing term structure.The paper finds that state-owned capital participation helps to alleviate the investment-financing maturity mismatch of private enterprises,and the effect of different state-owned capital participation subjects differs from each other.The mechanism test shows that state-owned capital participation inhibits the investment-financing maturity mismatch of private enterprises through multiple paths,such as the supervision effect,resource effect,and pulling effect.Further research finds that the alleviation effect of state-owned capital participation on the investment-financing maturity mismatch is more significant for enterprises with controlling shareholder equity pledges,larger funding gaps,and higher funding demands.This study expands and deepens the research extension of"reverse mixed-ownership reform"and provides new ideas and evidence for alleviating the investment-financing maturity mismatch of enterprises.
The opening of data factors is an important way to promote the high-quality development of the economy in the digital era.This paper examines the impact of public data access on total factor productivity and the mechanism behind it at the enterprise level and finds that an increase in the level of public data access leads to an increase in the total factor productivity of enterprises.For every 1%increase in the level of public data access in a city,the total factor productivity of local enterprises increases by about 0.18%on average.The heterogeneity analysis shows that the improvement in total factor productivity brought by public data access is more significant for private enterprises and service enterprises and a higher degree of public data access can more effectively improve the total factor productivity of the enterprise.The mechanism analysis shows that public data access is conducive to improving the regional business environment,invigorating the flow of enterprise assets,enhancing the efficiency of resource allocation,reducing the costs of enterprise sales and management,and promoting the growth of enterprise total factor productivity.Local governments should create a favorable environment for the opening of data factors,further enhance the level of public data access,give play to the enabling role of data factors,and promote the high-quality development of the economy.
为深入贯彻落实新一轮国企改革深化提升行动,积极探索更好利用资本市场助推国资国企改革,由深圳证券交易所研究所(金融创新实验室)、中山大学企业研究院及资本市场研究院共同发起,拟定于2024年4月在深交所召开"国企改革与资本市场"学术交流会,邀请相关政府部门、行业组织、高校院所、上市公司和市场机构等的专家学者,对央企国企深化改革、国企公司治理与中国特色现代企业制度、国有资本运营与管理、价值实现与市场认同、ESG信息披露与绩效评价等相关热点及重难点问题进行深入研讨.
Based on the sample of A-share listed companies on the Shanghai and Shenzhen Stock Exchange from 2007 to 2021,this paper investigates how the threat of exist by institutional investors contributes to financial market stability from the perspective of stock price crash risk.The study finds that the threat of exist by institutional investors can significantly curb stock price crash risk,and the findings remain robust after controlling for possible endogenous problems.The mechanism analysis finds that the threat of exist by institutional investors can effectively curb stock price crash risk by reducing agency costs and the optimism bias of analysts'earnings forecast.Further investigation finds that the inhibitory effect of the threat of exist by institutional investors on stock price crash risk is more significant for listed companies with higher media attention and is substantially weakened for listed companies with CEO duality.This study reveals the key role played by the threat of exit by institutional investors in curbing stock price crash risk,which has important reference value for strengthening the financial stability protection system.
Serving the real economy is the bounden duty of capital markets.This paper systematically tests the ability of China's multi-level capital markets to serve the real economy for the first time.Our findings are as follows.(1)In terms of direct financing,China's multi-level capital markets meet the differentiated financing needs of nterprises,and low-level capital market financing does not have a"crowding out"effect on the high-level capital market financing.The financing efficiency of the National Equities Exchange and Quotations(NEEQ)is significantly lower than that of the Main Board and the ChiNext Board.(2)In terms of resource allocation,the Main Board and the ChiNext Board have been effective in resource allocation for the majority of the time.There was a large gap between the resource allocation efficiency of the ChiNext Board and that of the Main Board at the initial stage of the ChiNext Board's establishment.Nevertheless,the resource allocation efficiency of the ChiNext Board has been comparable to that of the Main Board since 2014.The resource allocation efficiency of the NEEQ is relatively low and inferior to the Main Board and the ChiNext Board.(3)The severe liquidity shortage and low information transparency are the key factors to the inefficiency of financing and resource allocation of the NEEQ.
