Five-year plans, China finance and their consequences

被引：123

作者：

Donghua Chen ^{[1
]}

Oliver Zhen Li ^{[2
]}

Fu Xin ^{[3
]}

机构：

[1] Nanjing University

[2] National University of Singapore

[3] Hohai University

来源：

China Journal of Accounting Research | 2017年 / 03期

基金：

中国国家自然科学基金;

关键词：

Five-year plans; Government engineering; Industrial policies; Corporate finance; Economic growth; China;

D O I：

暂无

中图分类号：

F275 [企业财务管理]; F279.2 [中国]; F832 [中国金融、银行];

学科分类号：

020204 ; 1201 ; 1202 ; 120202 ;

摘要：

An important factor influencing corporate finance and economic growth in China lies in its government sponsored industrial policies. Examining China’s five-year plans during 1991–2010, we find that state-owned firms in government supported industries enjoy faster growth in initial public offerings and higher offer prices. Further, they enjoy faster growth in loans granted by major national banks. However, this preferential access to capital by state-owned firms appears to be achieved at the expense of non-state-owned firms which are crowded out. Government support induces more investment but also brings more overinvestment, which mainly comes from the non-state sector.Finally, supported industries have higher stock market returns and cash flow growth that dampen when state ownership increases.

引用

页码：189 / 226

页数：38

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