文章基本信息

标题：Local Government Debt, Real Estate Investment and Corporate Investment: Evidence from China
本地全文：下载
作者：Gao, Ge ; Dong, Jichang ; Li, Xiuting 等
期刊名称：Sustainability
印刷版ISSN：2071-1050
出版年度：2022
卷号：14
期号：19
页码：1-21
DOI：10.3390/su141912353
语种：English
出版社：MDPI, Open Access Journal
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.
关键词：local government debt (LGD); real estate investment; corporate investment; crowding-out effect; panel data model