Government Intervention and Investment Comovement: Chinese Evidence
研究政府干预如何影响企业投资联动，发现干预显著增强投资联动，且对国企影响大于民企和外企，投资联动损害国企和民企绩效但不影响外企。
Abstract This study examines whether government intervention affects corporate investment comovement, and whether this impact varies across firms with different types of ownership. We use a large Chinese sample to investigate these questions, and perform a regional as well as firm‐level analysis. We show that government intervention is positively and significantly associated with investment comovement. We also find that the impact of government intervention on investment comovement is higher and more significant for state‐owned firms than for domestic private and foreign firms. Finally, we show that investment comovement hinders corporate performance for state‐owned and domestic private firms but not for foreign firms.