摘要
This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants.We find that SOEs have slightly weak free cash flow productivity but significantly stronger than non-SOEs.Similar performance exists among commercial class I and II SOEs and public-benefit SOEs.Further analyses suggest that firm size,age,sales growth,ownership concentration,government subsidies,and industry monopoly factors cannot explain this phenomenon.The common driver for all types of SOEs to generate stronger free cash flows than non-SOEs is their stronger expense control capability.
基金
support from the National Natural Science Foundation of China(Project No.71672098)
Accounting Master Program of the Ministry of Finance of China(2015)and the Tsinghua University School of Economics and Management Research Grant(Project No.2020051009).
