Private listed company progress alongside SOEs:The role of SOEs in"guaranteeing payment"
State-owned enterprises(SOEs),as a significant force in implementing the Party Central Committee's decision-making and strategic deployment,play a leading role in"guaranteeing payment".By utilizing"the clearing delinquent accounts"in China as a quasi-natural experiment,and by employing a dynamic-effect testing model,this paper examines the impact of SOEs'clearing arrears on private listed companies'accounts repayment,and explores whether SOEs as"pioneers"can stimulate the comprehensive and effective implementation of policies.Empirical results find that SOEs'clearing arrears have facilitated accounts repayment by private listed companies,and that SOEs play a pivotal role in driving private listed companies to implement policies.Mechanism tests show that SOEs'clearing arrears primarily influence private listed companies to actively or passively adjust their own accounts repayment decisions through a demonstration effect and competitive pressure,which in turn advances the comprehensive implementation of"guaranteeing payment".Further research shows that the driving effect is more pronounced when SOEs hold a larger share within an industry,and when enterprise accounts are less delinquent,and that"the guarantee payment"improves organizational resilience of the enterprises implementing the policy.This research provides rich micro evidences for evaluating the role of SOEs in policy implementation,and offers policy implications for giving full play to the role of SOEs in promoting the comprehensive and effective implementation of policies.
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