Effect of political connections on corporate financial constraints: new evidence from privatization in China

被引：3
|
作者：
Huang, Ke [1 ]
Fang, Sheng [1 ]
Xu, Changsheng [1 ]
Qian, Xuesong [1 ]
机构：
[1] Huazhong Univ Sci & Technol, Sch Econ, Luoyu Rd 1037, Wuhan 430074, Hubei, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2019年 / 26卷 / 08期
基金：
中国国家自然科学基金;
关键词：
Political connections; financial constraints; SOEs; privatization; FIRMS; CASH;
D O I：
10.1080/13504851.2018.1489104
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Taking advantage of the SOEs privatization events in China, our research looks to identify the causal effect of political connections on corporate financial constraints. In a difference-in-differences framework, we demonstrate that after the transfer of control from state to private owners, privatized SOEs hoard more cash, save more cash from incremental cash flow, and exhibit higher cash flow sensitivity of investment.
引用
收藏
页码：638 / 644
页数：7
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