State Ownership and Debt Choice: Evidence from Privatization
研究发现私有化企业的国有股权比例越高，越倾向于使用银行贷款，这得益于软预算约束；该效应在银行国有化程度高、腐败严重、左翼政府及集体主义文化国家更显著。
Using a large sample of privatized firms, we find that state ownership is significantly positively associated with the use of bank debt financing, suggesting that privatized firms benefit from the soft budget constraint associated with state ownership. We further find that the relation is more pronounced in countries with high government ownership of banks, high corruption in bank lending, a left-oriented government, and a collectivist national culture, which provides additional support for the soft-budget-constraint view. Finally, in external validity tests, we find that state ownership affects other aspects of debt structure, such as debt maturity and debt security.