Mechanism test results III.

This study examines the impact of state participation on the alleviation of financing constraints faced by private Chinese enterprises. The analysis is based on data collected from a sample of 2,256 private Chinese enterprises surveyed by the World Bank in 2011 and 2013, and a sample of 3,197 listed enterprises in China from 2009 to 2020. The empirical findings demonstrate that (1) State equity participation can effectively alleviate the financial constraints faced by enterprises, and its approach is to alleviate financing constraints by lessening the competitive pressure on mixed-equity enterprises. (2) Anxiety related to survival and development that arises from competitive pressures compels private enterprises to seek competitive advantages through new investments. Consequently, private enterprises’ demand for external capital has increased. However, the conversion of capital requirements into external financing applications has become increasingly challenging due to deficiencies in enterprises’ internal cognitive processes regarding financial information. (3) Heterogeneity analysis reveals that state equity participation has a more pronounced impact on alleviating the financing constraints faced by emerging, non-group, and non-listed enterprises.本研究考察了国家参与（state participation）对中国民营企业融资约束的缓解效应。本研究的分析数据依托两组样本获取：一组为世界银行2011年与2013年调研的2256家中国民营企业样本，另一组为2009年至2020年中国3197家上市企业样本。实证研究结果显示：（1）国有股权参与（State equity participation）可有效缓解企业面临的融资约束，其作用机制为通过降低混合所有制企业所承受的竞争压力，进而缓解融资约束。（2）竞争压力引发的生存与发展焦虑，会迫使民营企业通过新增投资寻求竞争优势，进而推高其外部资本需求。但由于企业内部对财务信息的认知存在不足，将资本需求转化为外部融资申请的难度日益提升。（3）异质性分析表明，国有股权参与对新兴企业、非集团企业以及非上市企业的融资约束缓解效果更为显著。