State-owned Enterprises in China as Macroeconomic Stabilizers: Their Special Function in Times of Economic Policy Uncertainty  

作　　者：Mingyue Fang Rui Ruan 

机构地区：[1]College of Economics and Management,China Agricultural University,China [2]Center for China Fiscal Development,Central University of Finance and Economics,China

出　　处：《China & World Economy》2023年第5期87-115,共29页中国与世界经济（英文版）

基　　金：the National Natural Science Foundation of China(No.72002213);Rui Ruan's research was supported by the National Natural Science Foundation of China(No.72303266);the Program for Innovation Research at Central University of Finance and Economics(CUFE);the Program for Innovation Research at Center for China Fiscal Development at CUFE.

摘　　要：China has many state-owned enterprises(SOEs)and they have accounted for a large proportion of China's GDP over the last four decades.China's rapid growth contradicts literature that focuses on the inefficiency of SOEs.This study shows that,in periods of economic policy uncertainty(EPU),SOEs have performed a special function as"macroeconomic stabilizers."Using Chinese listed firm data from 2008 to 2019,we investigate five aspects of SOEs'unique functions as macroeconomic stabilizers:employment,investment,growth,financial operation,and expectations.When EPU increased,SOEs had more employment,higher investment expenditure,lower performance volatility,more robust financial structures,and more stable expectations than private firms.We employ the US-China trade war as an exogenous shock on EPU to conduct a difference-in-difference-in-differences approach to mitigate the problem of potentially omitted variables.The findings of this study provide a new perspective to better explain the functions of SOEs in the 21st century.

关 键 词：China economic policy uncertainty EMPLOYMENT investment state-owned enterprise 

分 类 号：F276.1[经济管理—企业管理]