State‐owned Enterprises in China as Macroeconomic Stabilizers: Their Special Function in Times of Economic Policy Uncertainty
State‐owned Enterprises in China as Macroeconomic Stabilizers: Their Special Function in Times of Economic Policy Uncertainty
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DOI：
10.1111/cwe.12503
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发表时间：
2023-09
期刊：
影响因子：
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通讯作者：
Mingyue Fang;Rui Ruan
中科院分区：
文献类型：
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作者：
Mingyue Fang;Rui Ruan
中国有许多国有企业，在过去四十年中，它们占中国GDP的很大比例。中国的快速增长与那些关注国有企业效率低下的文献相矛盾。本研究表明，在经济政策不确定的时期，国有企业发挥着“宏观经济稳定器”的特殊功能。本文使用2008 - 2019年中国上市公司数据，从就业、投资、增长、财务运行和预期五个方面考察了国有企业作为宏观经济稳定器的独特功能。当EPU增加时，国有企业比私营企业有更多的就业，更高的投资支出，更低的业绩波动，更稳健的金融结构和更稳定的预期。我们将美中贸易战作为对EPU的外生冲击，采用差异中差异的方法来缓解潜在遗漏变量的问题。本文的研究结果为更好地解释21世纪世纪国有企业的功能提供了一个新的视角。
China has many state‐owned enterprises (SOEs) and they have accounted for a large proportion of China's GDP over the last four decades. China's rapid growth contradicts literature that focuses on the inefficiency of SOEs. This study shows that, in periods of economic policy uncertainty (EPU), SOEs have performed a special function as “macroeconomic stabilizers.” Using Chinese listed firm data from 2008 to 2019, we investigate five aspects of SOEs' unique functions as macroeconomic stabilizers: employment, investment, growth, financial operation, and expectations. When EPU increased, SOEs had more employment, higher investment expenditure, lower performance volatility, more robust financial structures, and more stable expectations than private firms. We employ the US–China trade war as an exogenous shock on EPU to conduct a difference‐in‐difference‐in‐differences approach to mitigate the problem of potentially omitted variables. The findings of this study provide a new perspective to better explain the functions of SOEs in the 21st century.