Mixed ownership and financial investment: Evidence from Chinese state-owned enterprises

被引：47

作者：

Wang, Hua ^{[1
]}

Wang, Wei ^{[1
]}

Alhaleh, Shadi Emad Areef ^{[1
]}

机构：

[1] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan, Peoples R China

来源：

ECONOMIC ANALYSIS AND POLICY | 2021年 / 70卷

关键词：

Chinese state-owned enterprises; Mixed ownership; Financial investment; Financialization; GOVERNMENT OWNERSHIP; AGENCY COSTS; CORPORATE; CHOICE; PERFORMANCE; SECTOR;

D O I：

10.1016/j.eap.2021.02.006

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study empirically examines whether mixed-ownership intensity influences the level of financial investment across state-owned enterprise (SOE) samples, using the hand-collected mixed-ownership data of A-share non-financial listed SOEs from 2003 to 2018 in China. Consistent with the results of the robustness tests, we found that the greater the mixed-ownership intensity, the less the level of financial investment of non-financial SOEs. Furthermore, the cross-sectional analysis confirmed that the negative influence of the mixed-ownership intensity on the level of financial investment was more significant in firms located in the eastern region of China and firms controlled by the local government. (C) 2021 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.

引用

页码：159 / 171

页数：13

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