The impact of mixed-ownership reform on zombie firms: Evidence from Chinese listed SOEs

被引:0
|
作者
Yin, Yufei [1 ]
Cao, Kexin [2 ]
机构
[1] Huzhou Univ, Sch Econ & Management, Huzhou, Peoples R China
[2] Univ Sydney, Fac Arts & Social Sci, Sydney, NSW, Australia
来源
PLOS ONE | 2024年 / 19卷 / 07期
关键词
THREAT;
D O I
10.1371/journal.pone.0301048
中图分类号
O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];
学科分类号
07 ; 0710 ; 09 ;
摘要
Clearing out zombie firms is a critical challenge for both developed and developing countries. This article draws upon data from Chinese listed SOEs to examine the impact of mixed-ownership reform on zombie firms. The findings indicate that non-state-owned shareholders participating in mixed-ownership reform by appointing directors can help reduce the possibility of SOEs becoming zombie firms, while participating in mixed-ownership reform through shareholding is not significant. Moreover, the impact of mixed-ownership reform on zombie firms is more pronounced for firms in competitive industries and firms located in the eastern region of China. Mechanism analysis reveals that the reduction of inefficient investment has a positive mediating effect between mixed-ownership reform and zombie firms.
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页数:19
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