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How Government Control Affects State...

Wang, Ziling.

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How Government Control Affects State-Owned Enterprises' Debt Financing in China.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	How Government Control Affects State-Owned Enterprises' Debt Financing in China./
作者:	Wang, Ziling.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
面頁冊數:	31 p.
附註:	Source: Masters Abstracts International, Volume: 80-12.
Contained By:	Masters Abstracts International80-12.
標題:	Asian Studies. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13863080
ISBN:	9781392194249

How Government Control Affects State-Owned Enterprises' Debt Financing in China.
Wang, Ziling.

How Government Control Affects State-Owned Enterprises' Debt Financing in China. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 31 p.

Source: Masters Abstracts International, Volume: 80-12.

Thesis (M.P.P.)--Georgetown University, 2019.

This item must not be sold to any third party vendors.

The public sector plays a predominant role in China's economy. The Chinese Academy of Social Science reported in 2015 that the economy's public sector controlled 55.78% of the total assets. SOEs (state-owned enterprises) are the main form of Chinese public sector economic participator. But since the financial crisis of 2008, Chinese companies' leverage (debt to assets) ratios have been surging. The IMF (International Monetary Fund, 2016) reported that Chinese domestic non-financial sector debt increased to 143.5% of GDP in 2015.Though all SOEs are basically controlled by government, some are directly controlled by the central government, and others are controlled by local governments. Could this difference affect the debt ratios of SOEs? Will this difference give advantages in access to credits and loans to some SOEs?Most studies compared SOEs with private companies. But difference of government control could also affect on SOEs debt financing. This paper addresses this question by comparing centrally controlled and locally controlled SOEs debt financing and asking three questions: How does the difference affect debt ratio? How does the effect change over time? Is the effect the same for every industry?The paper finds that the effect of difference in control varies over time. In the first five years after the global financial crisis of 2008, the difference in government control had no statistically significant correlation with SOEs' leverage ratios. But later central government controlled SOEs showed a significantly higher leverage ratio. Moreover, the effects vary by industry.

ISBN: 9781392194249Subjects--Topical Terms:

1669375
Asian Studies.

How Government Control Affects State-Owned Enterprises' Debt Financing in China.
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