文献详情
Fiscal decentralization and corporate investment: empirical evidence from China
文献类型：期刊
通讯作者：Liu, NY (reprint author), Beijing Inst Technol, Sch Management & Econ, Beijing, Peoples R China.
期刊名称：JOURNAL OF ECONOMIC POLICY REFORM
年：2019
卷：22
期：1
页码：51-68
ISSN：1748-7870
关键词：fiscal decentralization; corporate investment; corporate ownership; economic consequence
所属部门：商学院
摘要：This paper examines the effect of fiscal decentralization on levels and efficiency of corporate investment. The results indicate that as the extent of local government fiscal decentralization increases, the level of new investment by firms under their jurisdiction rises. Furthermore, fiscal decentralization has an impact on corporate investment by aggravating over-investment rather than alleviating under-investment, leading to a situation whereby fiscal decentralization is negatively associated ...More
This paper examines the effect of fiscal decentralization on levels and efficiency of corporate investment. The results indicate that as the extent of local government fiscal decentralization increases, the level of new investment by firms under their jurisdiction rises. Furthermore, fiscal decentralization has an impact on corporate investment by aggravating over-investment rather than alleviating under-investment, leading to a situation whereby fiscal decentralization is negatively associated with investment efficiency at the level of the firm. Finally, the impact of fiscal decentralization on over-investment, under-investment and investment efficiency is not different between state-owned enterprises and non-state-owned enterprises, suggesting that economic leverages are the dominant government intervention measures. The findings imply that fiscal decentralization is another determinant of firm-level investment and corporate investment efficiency, which broadens the existing literature on the economic consequence of fiscal decentralization, resulting in important implications for policy-making. ...Hide

DOI：10.1080/17487870.2017.1310042
百度学术：Fiscal decentralization and corporate investment: empirical evidence from China
语言：外文
基金：National Natural Science Foundation of ChinaNational Natural Science Foundation of China [71502014, 71672188, 71672010, 71572009]; Ministry of Education in China Project of Humanities and Social Sciences [15YJA630101, 16YJC630024]; Fundamental Research Funds for the Central UniversitiesFundamental Research Funds for the Central Universities [2015RC080]
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