Could State-owned shareholders promote the performance of private firms? Evidence from China

Ganglei Li, Yunfei Shao and Weijia Kong

Applied Economics Letters, 2023, vol. 30, issue 13, 1805-1808

Abstract: In recent years, the Chinese government has continued to increase investment in private firms. However, could State-owned shareholders promote the performance of private firms? There is also a lack of direct evidence. This paper serves a useful supplement to this problem. Based on the large sample data of Chinese listed private companies, the empirical results of this paper confirm the U-shaped relationship between the shareholding ratio of State-owned shareholders and firm performance, and the U-shaped relationship will be more significant when the degree of marketization of private firms is low.

Date: 2023
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DOI: 10.1080/13504851.2022.2083060

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