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

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  • Wang, Hua
  • Wang, Wei
  • Alhaleh, Shadi Emad Areef

Abstract

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.

Suggested Citation

  • Wang, Hua & Wang, Wei & Alhaleh, Shadi Emad Areef, 2021. "Mixed ownership and financial investment: Evidence from Chinese state-owned enterprises," Economic Analysis and Policy, Elsevier, vol. 70(C), pages 159-171.
    • Handle: RePEc:eee:ecanpo:v:70:y:2021:i:c:p:159-171
    DOI: 10.1016/j.eap.2021.02.006
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