DocumentCode :
537224
Title :
Government Intervention, Pyramidal Structure and Investment of Local State-Owned Firms: Empirical Evidence from Chinese Capital Market
Author :
Cheng Zhongming
Author_Institution :
Sch. of Econ. & Manage., XNU, Xianing, China
fYear :
2010
fDate :
7-9 Nov. 2010
Firstpage :
1
Lastpage :
4
Abstract :
With the data of Local State-owned listed firms from 2002 to 2006, this paper examines the effects of government intervention and pyramidal layers on over- or under- overinvestment. The results show that government intervention has induced overinvestment in the local government control firms, and find that corporate overinvestment can be weakened by pyramidal layers. Therefore, in addition to extending growing pyramidal layers literature in emerging capital markets, the conclusions provide the direct evidence of government intervention in economic transition period and an insight into the reform of separation of government and enterprise in China.
Keywords :
industrial economics; investment; local government; public administration; Chinese capital market; corporate overinvestment; economic transition; government intervention; local government control firms; local state owned listed firms; pyramidal layers; pyramidal structure; Biological system modeling; Companies; Economics; Finance; Investments; Local government;
fLanguage :
English
Publisher :
ieee
Conference_Titel :
E-Product E-Service and E-Entertainment (ICEEE), 2010 International Conference on
Conference_Location :
Henan
Print_ISBN :
978-1-4244-7159-1
Type :
conf
DOI :
10.1109/ICEEE.2010.5661174
Filename :
5661174
Link To Document :
بازگشت