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State-owned capital participation and enterprise resilience

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  • Gao, Lihui
  • Chen, Mengzhu
  • Liu, Shuai

Abstract

We examine state-owned capital participation’s impact on corporate resilience using 2014–2023 Chinese A-share listed companies. The study finds that state-owned capital participation has a significant promoting effect on corporate resilience. Meanwhile, state-owned capital participation can promote the enhancement of corporate resilience by alleviating corporate financing constraints and optimizing corporate governance. In addition, state-owned capital participation shows significant heterogeneity in impacting corporate resilience: positive in eastern regions and tech-intensive industries, negative in central-western regions and capital-intensive sectors, and the impact is insignificant in labor-intensive industries.

Suggested Citation

  • Gao, Lihui & Chen, Mengzhu & Liu, Shuai, 2026. "State-owned capital participation and enterprise resilience," Finance Research Letters, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:finlet:v:87:y:2026:i:c:s154461232502330x
    DOI: 10.1016/j.frl.2025.109081
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