Non-state shareholders entering of state-owned enterprises and equity mispricing: Evidence from China

Li, Wencong; Yang, Xingquan; Yin, Xijie

doi:10.1016/j.irfa.2022.102362

Cited by 17 publications

(4 citation statements)

References 64 publications

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Section: Introductionmentioning

confidence: 99%

“…How to mobilize the initiative of SOEs reform and inspire the participation of private enterprises in the reform is a key and difficult issue affecting the depth of mixed ownership reform. However, most relevant scholars mainly focus on the study of the economic consequences of mixed ownership economy (Li et al, 2022; Wang et al, 2021), and there are few studies that discuss the factors influencing the efficiency of mixed ownership reform in SOEs from the perspective of the initiative of SOEs. More importantly, the impact of business strategy on the participation of non‐state‐owned capital has not received enough attention and needs to be further explored from both theoretical and practical perspectives.…”

Section: Introductionmentioning

confidence: 99%

“…The research contributions of this study are as follows: Firstly, this study enriches the academic research on the economic consequences of business strategy and expands the research perspective on factors that affect mixed ownership reform. Scholars have mostly focused on the impact of mixed ownership reforms on the production and operation of enterprises (Li et al, 2022, 2023; Wang et al, 2021). Relevant studies on the factors influencing mixed ownership reforms have also focused on aspects such as the macro‐policy environment (Zhu & Kong, 2023) and management rights (Postuła & Wąsowska, 2018).…”

Section: Introductionmentioning

confidence: 99%

“…Moreover, research perspectives are mostly based on the willingness of the government to delegate power or the willingness of non‐state‐owned capital to participate. In fact, SOEs and private enterprises are the main bodies of this reform (Li et al, 2022; Shang et al, 2022). Different business strategies can influence the financial behavior and decisions of a company, and it is the long‐term strategy of a company.…”

Section: Introductionmentioning

confidence: 99%

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Does business strategy of the state‐owned enterprise affect the participation of non‐state‐owned capital?: Empirical evidence from China

Zhao,

2023

Manage Decis Econ

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How to improve the operational efficiency of state‐owned enterprises (SOEs) is an important issue facing emerging economies or developing countries. This study investigates whether and how business strategies of SOEs affect the participation of non‐state‐owned capital using Chinese enterprises from 2008 to 2019. The study finds that there is a positive effect of aggressive corporate strategy on the motivation of private capital to participate in mixed ownership reform. Mechanism tests have shown that prospector strategy increases the reform motivation of SOEs by boosting investment in technological and knowledge capital and financing demand and also increase the willingness of private enterprises to participate by increasing SOEs' value. Further research is found that when the SOEs are more politically connected, in commercial competition industries, and located in regions with cleaner governments, the effect of business strategy on the participation of non‐state‐owned capital is more significant. This study not only enriches relevant research on the factors influencing mixed ownership reform at the micro level but also provides valuable experience and reference for economic reforms in emerging markets and developing countries.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%