Using detailed cross-section data for 1995, non-Chinese MNEs are found to generate technological and international market access spillover benefits for Chines firms, while overseas Chinese investors confer only market access benefits. State-owned enterprises reap no benefits, and indeed receive...

We investigate the relationship between the intensity of share pledging activities and the level of financial constraint. Using a sample of Chinese publicly listed firms from 2003 to 2018, our main findings are fourfold. First, we document that the high financial constraint level may motivate...