Local Government Debt, Real Estate Investment and Corporate Investment: Evidence from China

被引：3
|
作者：
Gao, Ge [1 ]
Dong, Jichang [1 ,2 ]
Li, Xiuting [1 ,2 ]
机构：
[1] Univ Chinese Acad Sci, Sch Econ & Management, Beijing 100190, Peoples R China
[2] Chinese Acad Sci, Key Lab Big Data Min & Knowledge Management, Beijing 100190, Peoples R China
来源：
SUSTAINABILITY | 2022年 / 14卷 / 19期
基金：
中国国家自然科学基金;
关键词：
local government debt (LGD); real estate investment; corporate investment; crowding-out effect; panel data model; MISALLOCATION; GROWTH;
D O I：
10.3390/su141912353
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
This paper examines the effect of local government debt (LGD) and real estate investment on corporate investment. It finds that the increase in LGD and real estate investment leads to a decline in corporate investment and that the crowding-out effect is mitigated by the interaction of LGD and real estate investment. The effects are channeled by raising corporate costs and reducing corporate financing. This impact is more pronounced for firms in eastern regions and nonresource-based cities, large and private firms.
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页数：21
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