Local government debt and corporate digital transformation: Evidence from China

被引：7
|
作者：
Yang, Yang [1 ]
Chen, Wanying [1 ]
Yu, Zhuangxiong [2 ]
机构：
[1] Sun Yat Sen Univ, Int Sch Business & Finance, Zhuhai 519082, Guangdong, Peoples R China
[2] Jinan Univ, Inst Ind Econ, Guangzhou 510632, Guangdong, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 57卷
关键词：
Local government debt; Corporate digital transformation; Crowding out effect; Financing constraints; Investment preferences; ECONOMIC-GROWTH;
D O I：
10.1016/j.frl.2023.104282
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper explores the effects and influence mechanism of local government debt on corporate digital transformation in Chinese listed companies, an area that has not been explored in the existing literature. We find that the expansion of local government debt has a significantly negative impact on corporate digital transformation. Such negative impact is greater in non-stateowned enterprises and companies with low concentration of ownership, as well as those in provinces with low fiscal self-sufficiency rates and low bank competition. Mechanism analysis shows that local government debt inhibits corporate digital transformation by intensifying corporate financing constraints and distorting corporate investment preferences.
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收藏
页数：9
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