Property rights, political connections, and corporate investment

被引：0

作者：

Miao, Meng ^{[1
,4
]}

Tang, Dragon Yongjun ^{[2
]}

Xu, Lixin Colin ^{[3
]}

Yan, Xiao ^{[1
]}

机构：

[1] Renmin Univ China, Sch Finance, 59 Zhongguncun St, Beijing, Peoples R China

[2] Univ Hong Kong, Fac Business & Econ, Pokfulam Rd, Hong Kong, Peoples R China

[3] Cheung Kong Grad Sch Business, Beijing, Peoples R China

[4] Renmin Univ China, 59 Zhongguncun St, Beijing 100872, Peoples R China

来源：

REVIEW OF FINANCE | 2024年 / 28卷 / 02期

关键词：

property rights; political connections; investment; D23; P14; P26; E22; TENURE SECURITY; FIRM PERFORMANCE; LAND TITLES; CHINA; INSTITUTIONS; FINANCE; DETERMINANTS; CONSTRAINTS; PERSISTENCE; INCENTIVES;

D O I：

10.1093/rof/rfad029

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the impact of an urban land titling program on firm investment in Shenzhen, China. We find that this program increased the investment rate for titling firms, but this positive effect only holds for politically connected firms. Further analysis suggests that the titling effect is more pronounced for those titling firms associated with greater expropriation risk. During program implementation, the connected titling firms increased their investment perhaps because, as observed, they experienced fewer disputes than non-connected titling firms.

引用

页码：593 / 619

页数：27

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