ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان
ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
ABSTRACT
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.
Conclusion
Since the start of its economic reform in 1978, China has achieved rapid and sustained economic growth. What does China’s rapid growth tell us? Is the China experiment useful to other economies? These are unavoidable questions of our era. Different from prior research on China’s economy, we focus on an economic management model long used by the Chinese government – five-year plans. We examine the influence of four five-year plans from 1991 to 2010 on China’s capital markets and their economic consequences. We find that industries supported by the government enjoy faster growth in equity and debt finance. This pattern is more pronounced in industries with heavy state ownership. Further, as their respective market orientation improves, the government’s control of the IPO, SEO and bank loan markets declines. We also find that government supported industries have higher stock market returns and cash flow growth that dampen as state ownership increases. Supported industries also have a higher ratio of non-performing loans. These findings provide a new perspective in understanding the role played by government economic engineering on corporate finance and its economic consequences.