A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Productivity Improvement from the Mixed-Ownership Reform: A Financial Frictions Perspective
How to raise productivity level has become the core issue of ensuring China’s sustained Economic Growth in the Future. The mixed-ownership has both the financing advantage of the SOEs and the competitive ability of the Private firms, which can improve the governance of the firms. This paper builds a model based on the financial frictions literature, and studies the process of the mixed-ownership reform. The main results include: 1. On average, the mixed-ownership reform enhances the performance of the firms; 2. The relationship between the share of state ownership—full privatization, state-ownership, or mixed-ownership—and the performance depends on both the productivity and the restriction of financing; 3. When production efficiency is low, privatization works best; when production efficiency is medium, partial privatization works best; when production efficiency is high, nationalization works best; 4. Our model explain the puzzle of state-owned equity ratio and performance.
Productivity Improvement from the Mixed-Ownership Reform: A Financial Frictions Perspective
How to raise productivity level has become the core issue of ensuring China’s sustained Economic Growth in the Future. The mixed-ownership has both the financing advantage of the SOEs and the competitive ability of the Private firms, which can improve the governance of the firms. This paper builds a model based on the financial frictions literature, and studies the process of the mixed-ownership reform. The main results include: 1. On average, the mixed-ownership reform enhances the performance of the firms; 2. The relationship between the share of state ownership—full privatization, state-ownership, or mixed-ownership—and the performance depends on both the productivity and the restriction of financing; 3. When production efficiency is low, privatization works best; when production efficiency is medium, partial privatization works best; when production efficiency is high, nationalization works best; 4. Our model explain the puzzle of state-owned equity ratio and performance.
Productivity Improvement from the Mixed-Ownership Reform: A Financial Frictions Perspective
Fusheng Xie (author)
2023
Article (Journal)
Electronic Resource
Unknown
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