Government ownership and the cost of debt for Chinese listed corporations

被引：98
|
作者：
Shailer, Greg [1 ]
Wang, Kun [1 ]
机构：
[1] Australian Natl Univ, Res Sch Accounting & Business Informat Syst, Acton, ACT 2601, Australia
来源：
EMERGING MARKETS REVIEW | 2015年 / 22卷
关键词：
Ownership structure; Government ownership; Cost of debt; Corporate governance; China; BANK OWNERSHIP; PANEL-DATA; FIRMS; INFORMATION; GOVERNANCE; FINANCE; LAW; SPECIFICATION; PERFORMANCE; ALLOCATION;
D O I：
10.1016/j.ememar.2014.11.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the impact of government controlling ownership on the cost of debt of Chinese listed corporations. We find that corporations under government control have a lower cost of debt compared to corporations under private control, and that government ownership is most beneficial when firms exhibit financial distress, have high excess shareholder control, or operate in provinces with low institutional development. Our evidence that government ownership plays an important role in reducing Chinese firms' cost of debt may help explain why government involvement in business corporations remains prevalent in China after decades of economic reform. (C) 2014 Elsevier B.V. All rights reserved.
引用
收藏
页码：1 / 17
页数：17
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