An Empirical Study on the Influence of State-owned Equity Financing on the Performance of Family Enterprises Based on Fixed Effects Model and Threshold Model

摘要

Under the background of the government vigorously advocating the development of a mixed-ownership economy, many private enterprises have introduced different types of capital in order to improve their operating status. Based on fixed effects model and threshold model, this paper takes the family companies listed in China's A-shares as samples to study the impact of state-owned equity financing on family business performance and its mechanism. The results show that state-owned equity can not only have a positive impact on performance through its political identity, but also have a negative impact on performance by reducing ownership concentration. Moreover, when state-owned equity financing reduces the ownership concentration of family enterprises to a range of 15.77% to 18.68%, state-owned equity financing will have a significant negative impact on the performance. Therefore, family enterprises should pay attention to the change of ownership concentration when financing state-owned shares, and try to reduce its negative impact on the authoritative governance structure.