Does capital-oriented reform encourage financialization? Evidence from state enterprises in China

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-04-01 Epub Date: 2025-02-15 DOI:10.1016/j.frl.2025.106988

Yan Dong, Ran Ge

引用次数: 0

Abstract

Although state enterprises in China in the past were managed by government agencies, capital-oriented reform has enabled the government to control state enterprises by way of investment corporations. In our study, we conducted to investigate how the reform has impacted state enterprises and found that the reform has reduced firms’ fixed asset investments while increasing their reliance on financial profits, thereby encouraging financialization. We also found that the effects exhibit heterogeneity across different administrative levels and regions with different financial conditions. Those insights offer valuable guidance for policymakers worldwide.

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资本导向的改革是否鼓励金融化？来自中国国有企业的证据

虽然过去中国的国有企业是由政府机构管理的，但以资本为导向的改革使政府能够通过投资公司来控制国有企业。在我们的研究中，我们调查了改革对国有企业的影响，发现改革减少了企业的固定资产投资，同时增加了企业对财务利润的依赖，从而鼓励了金融化。我们还发现，在不同的行政级别和不同的财政条件下，这种效应表现出异质性。这些见解为世界各地的政策制定者提供了宝贵的指导。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance