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A Comparative Analysis of Performance Between the Chinese Government Controlled vs. Chinese Privately Controlled Firms Listed in the US

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  • Kevin Zhao

Abstract

This study investigates the performance of Chinese government-controlled (CGC) firms vs. Chinese privately controlled (CPC) firms listed in the U.S. markets from 2004 to 2018. Analysis of 161 firms reveals that CGC entities paid much higher dividends, demonstrated better operating performance, and offered substantially higher stock returns compared to CPC firms. Despite conventional views suggesting lower efficiency in government-owned companies, CGC firms showed superior compliance and lower propensities for earnings manipulation. The findings challenge the negative perceptions of government ownership and indicate that CGC firms might provide safer, more profitable investment opportunities than CPC firms under U.S. regulatory conditions.

Suggested Citation

  • Kevin Zhao, 2025. "A Comparative Analysis of Performance Between the Chinese Government Controlled vs. Chinese Privately Controlled Firms Listed in the US," Chinese Economy, Taylor & Francis Journals, vol. 58(4), pages 265-279, July.
    • Handle: RePEc:mes:chinec:v:58:y:2025:i:4:p:265-279
    DOI: 10.1080/10971475.2024.2395187
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