北京师范大学经济与工商管理学院
 
 
 

【论文】郝颖、Jing Lu:“The Impact of Government Intervention on Corporate Investment Allocations and Efficiency: Evidence from China”
发布日期: 2018-04-09  浏览次数:

郝颖、Jing LuThe Impact of Government Intervention on Corporate Investment Allocations and Efficiency: Evidence from ChinaFinancial ManagementPublished online: 24 November 2017.

Abstract

We examine whether government intervention plays an important role in determining corporate investment allocations and efficiency in China. We find the government tends to intervene to promote corporate investment in fixed assets, equity in other state‐owned enterprises (SOEs), and natural resources including oil, natural gas, and mines, but reduces research and development (R&D) investment. However, the effects of government intervention on these investment allocations are primarily found in local SOEs rather than in central SOEs or in private enterprise. Government intervention also induces a crowding‐out effect in natural resource investments of private firms, suggesting that government intervention distorts investment allocations and reduces investment efficiency.


 

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