Public listing is a key and unique reform measure for large state-owned enterprises (SOEs) in China. Using a panel data set that contains both pre- and post-listing financial and ownership information on publicly listed firms in Shanghai and Shenzhen Stock Exchanges, we explore the effects of...

Using a large panel dataset of Chinese industrial firms, the authors examine the determinants of access to loans from formal financial intermediaries and extension of trade credit. Poorly performing state-owned enterprises were more likely to redistribute credit to firms with less privileged...

This paper uses data from a large survey of Chinese firms to investigate whether local government efforts to facilitate market development improve firm efficiency. Both government provision of information about products, markets, and innovation and government assistance in arranging loans are...

Public listing is a key reform measure for large state-owned enterprises (SOEs) in China. We find evidence that public listing lowers state ownership significantly, lessens firms' reliance on debt finance, and allows firms to increase capital expenditure, at least temporarily. We also find that...

Using data from a recent national survey on the ownership reform of state-owned enterprises in China, we study the effects of reducing politician control and agency problems on a number of reform outcomes. Taking into account the endogenous nature of the reform, we find that these outcome...