中国上市公司的自由现金流生产率：国有企业与非国有企业的比较研究

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research Pub Date : 2023-09-01 DOI:10.1016/j.cjar.2023.100315

Deren Xie , Xuezhi Shi , Jinsong Liu , Ziyang Zhu

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引用次数: 1

摘要

本文研究了国有企业与非国有企业的自由现金流生产率，并考察了其可能的决定因素。我们发现国有企业的自由现金流生产率略弱，但明显强于非国有企业。商业一类和二类国有企业以及公益性国有企业也有类似的表现。进一步的分析表明，企业规模、年龄、销售增长、所有权集中度、政府补贴和行业垄断因素并不能解释这一现象。所有类型的国有企业产生比非国有企业更强的自由现金流的共同驱动力是它们更强的费用控制能力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Free cash flow productivity among Chinese listed companies: A comparative study of SOEs and non-SOEs

This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants. We find that SOEs have slightly weak free cash flow productivity but significantly stronger than non-SOEs. Similar performance exists among commercial class I and II SOEs and public-benefit SOEs. Further analyses suggest that firm size, age, sales growth, ownership concentration, government subsidies, and industry monopoly factors cannot explain this phenomenon. The common driver for all types of SOEs to generate stronger free cash flows than non-SOEs is their stronger expense control capability.

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来源期刊

China Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

4.70

自引率

0.00%

发文量

295

审稿时长

15 weeks

期刊介绍： The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.