A regional perspective on the privatisation of Chinese state-owned firms
研究区域正式与非正式制度及私人股东地域来源对中国国企私有化效率的影响，发现私有化提升产能利用率，且该效应在市场化高或儒家文化深的区域更强，但外资股东无显著作用，港澳台股东则削弱该效应。
This study examines the impact of regional formal and informal institutions and the regional origins of private shareholders on the privatisation efficiency of Chinese state-owned enterprises (SOEs). Using a difference-in-differences method to examine 63,599 firm–year observations, we find that, on average, privatisation enhances the capacity utilisation efficiency of Chinese SOEs. That positive effect is stronger in regions with higher marketisation or more embedded in Confucianism. Interestingly, private shareholders from mainland China enhance capacity utilisation, but foreign shareholders exert no significant effect. Moreover, Hong Kong–Macau–Taiwan shareholders weaken the positive effect of privatisation on capacity utilisation in both low-marketised and high-Confucian regions.