功能性补贴、选择性补贴与企业投资效率:来自中国的证据

IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Emerging Markets Review Pub Date : 2024-05-28 DOI:10.1016/j.ememar.2024.101162
Lingxiao Zhao , Xiao Liu , Yunpeng Tang , Wenjing Zhang
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引用次数: 0

摘要

我们通过对政府补贴信息的细致整理,以及基于资金性质和时间(事前与事后)的创新分类方法的实施,研究了功能性补贴、选择性补贴与投资效率之间的关系。我们的研究结果表明,补贴的影响是不对称的,它在缓解投资不足的同时也加剧了过度投资,与选择性补贴相比,功能性补贴的影响更大。研究发现,资金限制是主要的影响机制,较容易获得融资的企业可能不会有效利用补贴,而面临严重资金限制的企业则较少滥用补贴。
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Functional subsidies, selective subsidies and corporate investment efficiency: Evidence from China

We investigate the relationship between functional subsidies, selective subsidies, and investment efficiency through meticulous compilation of information on government subsidies, and the implementation of an innovative categorization methodology based on the nature and timing of funds (ex-ante versus ex-post). Our findings suggest that the effects of subsidies exhibit asymmetry by alleviating underinvestment while exacerbating overinvestment, and functional subsidies exert a stronger influence compared to selective subsidies. Financial constraints are found to serve as the major mechanism, and firms with easier access to financing may not effectively utilize subsidies, while those facing severe financial constraints are less prone to misusing them.

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来源期刊
CiteScore
7.10
自引率
4.20%
发文量
85
审稿时长
100 days
期刊介绍: The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.
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