Mixed ownership reform and trade credit: Evidence from China

被引：1

作者：

Song, Gaoya ^{[1
]}

Li, Quan ^{[2
]}

机构：

[1] Wuyi Univ, Sch Business, Wuyishan, Peoples R China

[2] Nankai Univ, Sch Finance, Tianjin, Peoples R China

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2024年 / 95卷

关键词：

Mixed ownership reform; Bargaining power; Trade credit; PRODUCT MARKET POWER; STATE OWNERSHIP; POLICY BURDENS; CASH HOLDINGS; RISK; CONSTRAINTS; INSTITUTIONS; PERFORMANCE; INVESTMENT;

D O I：

10.1016/j.irfa.2024.103491

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the impact of mixed ownership reform (MOR) intensity on trade credit obtained by state-owned enterprises (SOEs) in China from 2009 to 2021. Drawing on a novel, hand-collected database, we find that MOR intensity has a significantly negative effect on trade credit. The path analyses show that financial constrains and corporate profitability are the channel of our main finding. Moreover, the negative relationship between MOR intensity and trade credit is more pronounced for central SOEs, firms facing weaker market competition or higher supplier concentration. This study explores the causes of an SOE's trade credit demand and the consequences of MOR in China.

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页数：11

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