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

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub 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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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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