Government ownership and the cost of debt
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发布日期:2014年01月14日 上次修订日期:2022年03月09日

摘要

This study investigates the impact of ultimate government ownership or control on the cost of debt of Chinese listed corporations. We first examine the relative level of cost of debt of corporations under government control compared to corporations under individual or family control. We then explore circumstances under which government control is likely to reduce a corporation’s cost of financing. Our results suggest that the benefits of government control are conditional on firm-specific financial circumstances and internal- and external-corporate governance environment. We find that, on average, government controlled corporations have lower cost of debt but the effect is not homogeneous. Government controlled corporations have lower cost of debt when they are highly financially constrained and have higher risk of being expropriated by controlling shareholders and in provinces where the local government is less effective, but not otherwise.

Kun Wang ; Greg Shailer ; Dan S. Dhaliwal ; Government ownership and the cost of debt (2014年01月14日)http://www.cfrn.com.cn//lw/gsjr/zbjglw/4225.htm

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