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Mixed ownership reforms and the transparency of nonstate‐owned enterprises: Evidence from China

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  • Yueyang Zhao
  • Jinzhou Mao

Abstract

This paper takes Chinese Shanghai and Shenzhen A‐share nonstate‐owned listed companies from 2008 to 2019 as samples to study the impact and mechanism of state‐owned capital participation on the transparency of nonstate‐owned enterprises. The results show that state‐owned capital participation has a significant positive impact on the transparency of nonstate‐owned enterprises. In terms of the mechanism of action, state‐owned capital participation positively impacts corporate transparency by increasing investors' attention. Further research finds that the positive effect of state‐owned capital participation on foreign‐funded enterprises and enterprises with few financing constraints is more prominent.

Suggested Citation

  • Yueyang Zhao & Jinzhou Mao, 2023. "Mixed ownership reforms and the transparency of nonstate‐owned enterprises: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(1), pages 271-284, January.
    • Handle: RePEc:wly:mgtdec:v:44:y:2023:i:1:p:271-284
    DOI: 10.1002/mde.3679
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    Cited by:

    1. Chen, Ming & Chen, Chen, 2023. "Financial constraints alleviation: Why does state-owned share reduction in China promote firm performance?," Finance Research Letters, Elsevier, vol. 55(PA).

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