Governance of nonstate shareholders and short-term debt for long-term investments

Gaoya Song and Quan Li

Applied Economics Letters, 2025, vol. 32, issue 16, 2384-2388

Abstract: We study the relationship between nonstate shareholder governance and short-term debt for long-term investment of state-owned enterprises in China from 2009 to 2021. Drawing on a novel, hand-collected database, we find that nonstate shareholder governance has a significantly negative effect on short-term debt used for long-term investments. Our study provides a new analytical perspective for maturity mismatch and theoretical support for deepening the reform of state-owned enterprises.

Date: 2025
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DOI: 10.1080/13504851.2024.2333450

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