Five-year plans, China finance and their consequences

• 作者: Donghua Chen Fu Xin Oliver Zhen Li
• 来源期刊: 中国会计学刊：英文版
• 学科: 经济
• 关键词: 五年的计划 政府工程 工业政策 社团的金融 经济生长 中国
• 年，卷（期）: 2017,（3）
• 页码范围: 189-226
• 页数: 38页
• 分类号: F275

摘要

An important factor influencing corporate finance and economic growth in China lies in its government sponsored industrial policies. Examining China’s five-year plans during 1991–2010, we find that state-owned firms in government supported industries enjoy faster growth in initial public offerings and higher offer prices. Further, they enjoy faster growth in loans granted by major national banks. However, this preferential access to capital by state-owned firms appears to be achieved at the expense of non-state-owned firms which are crowded out. Government support induces more investment but also brings more overinvestment, which mainly comes from the non-state sector.Finally, supported industries have higher stock market returns and cash flow growth that dampen when state ownership increases.