Can Two Wrongs Make a Right? State Ownership and Debt in a Transition Economy
研究了转型经济中国有股权和债务单独对企业绩效有害，但两者结合却可能产生正面影响，基于2003-2005年中国上市公司数据验证了这一悖论。
abstract Existing literature suggests that both state ownership and debt have detrimental performance consequences in transition economies. Paradoxically, however, we contend that the confluence of these two conditions may not be harmful. By considering the interactions between the governance properties of state ownership and debt, interpreted in light of the institutional context of China (i.e. the interplay between local governments, managers, and central banks), we argue that state ownership and debt can potentially offset each other's detrimental effects. We test our hypotheses with a sample of over 1300 Chinese firms that were listed on the Shanghai and Shenzhen Stock exchanges between 2003 and 2005. Results of the tests confirm that while debt and state ownership each have a negative impact on firm performance when used in isolation, their interaction has a positive impact on firm performance.