纾困基金是否具有“造血”扶持之效？——基于民营企业价值的视角

《财经研究》 2022年48卷第3期 页码：48 - 63  online：2022年3月2日

纾困基金是否具有“造血”扶持之效？——基于民营企业价值的视角

Do Bailout Funds Have a “Hematopoietic” Support Effect? Based on the Perspective of Private Enterprise Value

作者（中）：周孝华1, 2, 王诗意1

作者（英）：Zhou Xiaohua1, 2, Wang Shiyi1

作者单位：1.重庆大学 经济与工商管理学院, 重庆 400044 2.广西财经学院 金融与保险学院, 广西 南宁 530003

摘要：帮助民企纾困是国民经济补短板、稳增长的战略举措。为纾解民企融资困境，控制股票质押爆仓风险，兼具政策性与市场性的中国特色纾困基金应运而生。文章利用2017—2019年民营上市公司数据，通过逐季倾向得分匹配（PSM），为获得纾困基金驰援的企业设置合理的对照组，并在此基础上构建多时点双重差分（DID）模型探究纾困基金的价值效应及其具体作用机制。研究发现：（1）纾困基金能够有效提升民营企业价值，这种价值效应在东部地区、小规模、高股权质押比例的企业中更大。（2）进一步的机制分析表明，纾困基金通过降低股权集中度推动股权分散制衡、缓解代理冲突、完善公司治理，由此实现正向价值效应；同时也存在削弱企业社会责任履行、打击投资者情绪的作用路径，从而负面影响企业价值。文章对纾困基金的实际运作具有重要的理论价值和现实意义，也为新时代下纾困民企、支持民企发展提供了经验证据。

关键词：纾困基金; 民营企业价值; 倾向得分匹配; 多时点双重差分

Summary: Bailing out private enterprises is a strategic measure to improve weak links and stabilize economic growth. In order to ease private enterprises’ financing difficulties and control the risk of equity pledge explosion, bailout funds with Chinese characteristics that take into account both policy and market interests came into being. However, as China’s bailout funds are still in the early exploration stage, existing studies mostly stay at the level of theoretical analysis, focusing on the operation mechanism and status quo of bailout funds. Some empirical studies use event research method, traditional DID model or regression discontinuity model to analyze the short-term effect of bailout funds, paying no attention to the comprehensive value effect and specific working paths in a relatively long period on the theoretical and empirical level. In addition, both the implementation progress and the target selection criteria of bailout funds are different. Most studies ignore such differences, and have defects in model, sample size, time span and control group setting, leading to the research design being out of reality to some extent.This paper tries to optimize the research model and solve the above problems. Based on the data of private listed companies from 2017 to 2019, we match reasonable control group for the enterprises supported by bailout funds through quarterly PSM, and then construct the multi-time DID model to explore the impact of bailout funds on enterprise value and the specific mechanism. The study finds that: Bailout funds can effectively improve private enterprise value, and the effect is greater in eastern, small-scale and high-equity pledged enterprises. Specifically, by reducing ownership concentration, bailout funds promote equity decentralization and balance, mitigate agency conflicts, and improve corporate governance, thus achieving a positive value effect. What’s more, there are also paths that weaken corporate social responsibility fulfillment and dampen investor sentiment, thus negatively affecting corporate value.The marginal contributions of this paper are that: First, it expands the research perspective of bailout funds, and explores the impact on enterprise value innovatively. Second, it optimizes the research method and model design. By taking differences both in the selection criteria of bailout targets and in the acquisition time of bailout funds into consideration for the first time, this paper combines PSM with multi-time DID for empirical analysis. Third, it reveals the specific internal and external paths of the impact of bailout funds on enterprise value, provides empirical evidence for the sustained and healthy promotion of bailout funds, and gives a reference path for financial models that support the high-quality development of private enterprises.

Key words: bailout funds; private enterprise value; PSM; multi-time DID

DOI：10.16538/j.cnki.jfe.20211113.201

收稿日期：2021-6-23

基金项目：中央高校基本科研业务费（重大专项）（2020CDJSK02ZH01）

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