Are state-owned enterprises a"stabilizer"to absorb and dissipate risk contagion?:Based on the research of listed companies
State-owned enterprises play an important role in absorbing and defusing various major risks in China's economic system,but there are relatively few theoretical studies on their mechanism.This paper uses LASSO-VAR model to construct a high-dimensional risk spillover network of A-share listed companies,measure the level of market risk absorption of state-owned enterprises,and then build an economometric model to test the risk absorption and risk ab-sorption mechanism of state-owned enterprises.The empirical study shows that the state-owned enterprises significantly absorb and dissipate the contagion of market risk among enterprises,especially in the period of high risk.State-owned enterprises absorb and dissipate risks by pro-moting investment,increasing labor employment,provision of commercial credit and stabilizing business activities of upstream enterprises.Further examination also found that the ability of soes to absorb market risks is related to the level of local financial development,the degree of local government intervention,the size of the enterprises and the nature of the industry they are in.The research of this paper provides a new perspective and evidence for state-owned enterprises to stabilize economic growth.
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