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Free Cash Flow Productivity Among Chinese Listed Companies: a Comparative Study of SOEs and Non-SOEs

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发布日期：2023年11月30日上次修订日期：2023年11月30日

Deren Xie xiedr@sem.tsinghua.edu.cn Tsinghua University Xuezhi Shi 暂无 Tsinghua University Jinsong Liu 暂无 Sichuan University Ziyang Zhu 暂无 Tsinghua University

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 nonSOEs is their stronger expense control capability.

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关键词：

free cash flow productivity state-owned enterprises non-state-owned enterprises SOE classification reform

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