An Empirical Test of the "Financial Accelerator" in China: Evidence from the Chinese Industrial Enterprises Database

被引：0
|
作者：
Chen, Jie [1 ,2 ]
Li, Zhe [3 ,4 ]
机构：
[1] Shanghai Univ Finance & Econ, Sch Econ, Shanghai 200433, Peoples R China
[2] Bank Commun, Shanghai Branch, China Shanghai Pilot Free Trade Zone Subbranch, Shanghai 200131, Peoples R China
[3] Shanghai Univ Finance & Economics, Sch Econ, Shanghai 200433, Peoples R China
[4] Shanghai Univ Finance & Economics, Key Lab Math Econ, Shanghai 200433, Peoples R China
来源：
FRONTIERS OF ECONOMICS IN CHINA | 2015年 / 10卷 / 03期
关键词：
Financial Accelerator; Leverage; Chinese Industrial Enterprises Database;
D O I：
10.3868/s060-003-014-0022-2
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The purpose of this paper is to test the applicability of the "financial accelerator" mechanism to China. Using the Chinese Industrial Enterprises Database, we find strong evidence suggesting that the employment and investment of leveraged firms are less responsive to aggregate fluctuations. This finding goes against the implications of the "financial accelerator". To make sure our empirical result is reliable, we have done several robustness checks using different estimation methods and subsamples.
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页码：509 / 526
页数：18
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