This paper explores the influence of the State Capital Investing and Operating Company(SCIOC)pilot reform on SOE bailout using a staggered differencein-differences model.Based on a sample of listed SOEs during 2011-20...This paper explores the influence of the State Capital Investing and Operating Company(SCIOC)pilot reform on SOE bailout using a staggered differencein-differences model.Based on a sample of listed SOEs during 2011-2018,we find that when the real controllers of listed SOEs enter the list of SCIOCs,soft budget constraints are alleviated and listed subsidiaries are less likely to become distressed.Mechanism tests indicate that SCIOCs help distressed firms through exiting the market,reducing bank loans,enhancing corporate governance,and improving operating efficiency.Heterogeneity tests show that the effect of SCIOC establishment is more significant in central and western regions,in public welfare and special function industries,for central SCIOCs,for state capital investing companies,when firms are organized in more layers,and for firms that engage in M&As.The empirical results show that the implementation of SCIOCs benefits both micro-enterprise development and state capital layout optimization.展开更多
By combining top-level design with local pilot practices,rural land system reform,as an important priority on the agenda of deepening comprehensive reform,has accumulated a series of replicable and applicable experien...By combining top-level design with local pilot practices,rural land system reform,as an important priority on the agenda of deepening comprehensive reform,has accumulated a series of replicable and applicable experiences that are conducive to amendments to relevant laws.This paper takes stock of the basic experience of Pidu District in addressing typical problems arising in its rural land system reform and then investigates the inner link between the reform and the persistence of high housing prices in cities,the capital flowing to the countryside,and the rural revitalization program.Based on this analysis,the author puts forward three basic directions of the rural land system reform:remain committed to marketization,balance the interests of all parties and promote the development of rural industries.展开更多
基金supported by the Project of the Institute for State-Owned Enterprises,Tsinghua University(Research on the Improvement of State-Owned Capital Distribution based on the perspective of the State Capital Investing and Operating Company,No.iSOEYB202212)the Key Project of the National Natural Science Foundation of China(No.71790603)
文摘This paper explores the influence of the State Capital Investing and Operating Company(SCIOC)pilot reform on SOE bailout using a staggered differencein-differences model.Based on a sample of listed SOEs during 2011-2018,we find that when the real controllers of listed SOEs enter the list of SCIOCs,soft budget constraints are alleviated and listed subsidiaries are less likely to become distressed.Mechanism tests indicate that SCIOCs help distressed firms through exiting the market,reducing bank loans,enhancing corporate governance,and improving operating efficiency.Heterogeneity tests show that the effect of SCIOC establishment is more significant in central and western regions,in public welfare and special function industries,for central SCIOCs,for state capital investing companies,when firms are organized in more layers,and for firms that engage in M&As.The empirical results show that the implementation of SCIOCs benefits both micro-enterprise development and state capital layout optimization.
基金part of the periodical research achievements of “Research on the Integration of Core Values of Equality and Justice into Property Rights Protection Legislation”(18VHJ007)a key program funded by the National Social Science Foundation in 2018
文摘By combining top-level design with local pilot practices,rural land system reform,as an important priority on the agenda of deepening comprehensive reform,has accumulated a series of replicable and applicable experiences that are conducive to amendments to relevant laws.This paper takes stock of the basic experience of Pidu District in addressing typical problems arising in its rural land system reform and then investigates the inner link between the reform and the persistence of high housing prices in cities,the capital flowing to the countryside,and the rural revitalization program.Based on this analysis,the author puts forward three basic directions of the rural land system reform:remain committed to marketization,balance the interests of all parties and promote the development of rural industries.
