{"title":"How does local government debt governance affect corporate credit mismatches? Evidence from implementing the New Budget Law","authors":"Jie Luo, Jie Li","doi":"10.1016/j.frl.2024.106576","DOIUrl":null,"url":null,"abstract":"This study explores the impact of the New Budget Law, representing local government debt governance, on corporate credit discrepancies. Findings indicate that the New Budget Law can reduce corporate credit mismatch allocation based on the data from 2011 to 2023. Furthermore, the positive effects are achieved by reducing financing costs, increasing the availability of corporate finance, and reducing the negative impact of corporate credit mismatch. The results contribute to the restructuring of the local debt management system by providing a basis for decision-making and insights into establishing an efficient government and attaining robust economic growth.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 1","pages":""},"PeriodicalIF":7.4000,"publicationDate":"2024-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1016/j.frl.2024.106576","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This study explores the impact of the New Budget Law, representing local government debt governance, on corporate credit discrepancies. Findings indicate that the New Budget Law can reduce corporate credit mismatch allocation based on the data from 2011 to 2023. Furthermore, the positive effects are achieved by reducing financing costs, increasing the availability of corporate finance, and reducing the negative impact of corporate credit mismatch. The results contribute to the restructuring of the local debt management system by providing a basis for decision-making and insights into establishing an efficient government and attaining robust economic growth.
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Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies.
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