State control, access to capital and firm performance

被引：3

作者：

Oliver Zhen Li ^{[1
]}

Xijia Su ^{[2
]}

Zhifeng Yang ^{[3
]}

机构：

[1] Department of Accounting, NUS Business School, National University of Singapore

[2] Department of Accountancy and Finance, China Europe International Business School,China

[3] Department of Accountancy, City University of Hong Kong, Hong Kong SAR, China

来源：

China Journal of Accounting Research | 2012年 / 5卷 / 02期

关键词：

State control; Access to capital; Firm growth; Regulation;

D O I：

暂无

中图分类号：

F123.15 [国家与企业关系];

学科分类号：

020201 ;

摘要：

We study the effect of state control on capital allocation and investment in China, where the government screens prospective stock issuers. We find that state firms are more likely to obtain government approval to conduct seasoned equity offerings than non-state firms. Further, non-state firms exhibit greater sensitivities of subsequent investment and stock performance to regulatory decisions on stock issuances than state firms. Our work suggests that state control of capital access distorts resource allocation and impedes the growth of non-state firms. We also provide robust evidence that financial constraints cause underinvestment.

引用

页码：101 / 125

页数：25

共 32 条

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