Nationalization of private enterprises and default risk: Evidence from mixed-ownership reform in China

被引：10
|
作者：
Wang, Jinbo [1 ]
Ran, Maosheng [1 ]
Huang, Qing [1 ]
Li, Wanli [2 ]
机构：
[1] Chongqing Univ, Sch Econ & Business Adm, Chongqing, Peoples R China
[2] Hunan Univ, Coll Finance & Stat, Changsha, Hunan, Peoples R China
来源：
ECONOMIC ANALYSIS AND POLICY | 2022年 / 76卷
基金：
中国国家自然科学基金;
关键词：
Mixed -ownership reform; Private enterprises; Nationalization; Default risk; STATE-OWNED ENTERPRISES; CORPORATE GOVERNANCE; FINANCIAL RATIOS; POLICY; FIRMS; SOES; PERFORMANCE; EFFICIENCY; DISTANCE; GROWTH;
D O I：
10.1016/j.eap.2022.09.005
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We contribute to the existing literature by demonstrating how the default risk of enterprises is driven by the nationalization of private enterprises (NPE). Overall, we find that the implementation of NPE promotes default risk, and the effect follows an inverted U-shape over time. Mechanism tests show that the effect of NPE on default risk works mainly through three channels: weakening corporate governance, exacerbating debt expansion, and reducing investment efficiency. Further distinguishing the characteristics of NPE, we find that the effect of NPE on default risk is more pronounced for private enterprises transformed into local state-owned enterprises (SOEs), private enterprises acquired across regions, private enterprises with a higher external guarantee rate, and equity pledge rate. (c) 2022 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.
引用
收藏
页码：534 / 553
页数：20
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