Mixed ownership reform and trade credit: Evidence from China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-07-25 DOI:10.1016/j.irfa.2024.103491

引用次数: 0

Abstract

We investigate the impact of mixed ownership reform (MOR) intensity on trade credit obtained by state-owned enterprises (SOEs) in China from 2009 to 2021. Drawing on a novel, hand-collected database, we find that MOR intensity has a significantly negative effect on trade credit. The path analyses show that financial constrains and corporate profitability are the channel of our main finding. Moreover, the negative relationship between MOR intensity and trade credit is more pronounced for central SOEs, firms facing weaker market competition or higher supplier concentration. This study explores the causes of an SOE's trade credit demand and the consequences of MOR in China.

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混合所有制改革与贸易信贷：来自中国的证据

我们研究了 2009 年至 2021 年混合所有制改革对中国国有企业贸易信贷的影响。利用手工收集的新型数据库，我们发现混合所有制改革强度对贸易信贷有显著的负面影响。路径分析显示，财务约束和企业盈利能力是我们主要发现的渠道。此外，对于中央国有企业、面临较弱市场竞争或供应商集中度较高的企业而言，MOR 强度与贸易信贷之间的负相关关系更为明显。本研究探讨了中国国有企业贸易信贷需求的成因和 MOR 的后果。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.