Free cash flow productivity among Chinese listed companies:A comparative study of SOEs and non-SOEs  

作　　者：Deren Xie Xuezhi Shi Jinsong Liu Ziyang Zhu 

机构地区：[1]School of Economics and Management,Tsinghua University,No.30 Shuangqing Road,Haidian District,Beijing,PR China [2]Business School,Sichuan University,No.29 Wangjiang Road,Wuhou District,Chengdu 610064,PR China

出　　处：《China Journal of Accounting Research》2023年第3期44-69,共26页中国会计学刊（英文版）

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).

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.

关 键 词：Free cash flow productivity State-owned enterprises Non-state-owned enterprises SOE classification reform 

分 类 号：F27[经济管理—企业管理]