The impact of local incentive-based legislation on the financing constraints of private firms–Evidence from China

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-08-28 DOI:10.1016/j.frl.2024.106022

引用次数: 0

Abstract

This study selects A-share private firms in Zhejiang Province and its neighboring provinces in 2018–2021 and finds that private firms’ incentive-based legislation significantly alleviates private firms' financing constraints through a double difference model. The legislation alleviates the financing constraints of private firms by reducing the burden of financial liabilities, broadening financing channels such as operating liabilities, and enhancing debt servicing capacity. The effect of the private firm's incentive-based legislation on alleviating financing constraints is more pronounced in firms that are consistently private, have higher tax burdens, have lower competition in the industry, and do not have internal control deficiencies.

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地方激励性立法对民营企业融资约束的影响--来自中国的证据

本研究选取2018-2021年浙江省及其周边省份的A股民营企业为研究对象，通过双重差分模型发现民营企业激励型立法显著缓解了民营企业的融资约束。立法通过减轻财务负债负担、拓宽经营负债等融资渠道、增强偿债能力等方式缓解了民营企业的融资约束。民营企业激励型立法对缓解融资约束的效果在持续民营化、税负较高、行业竞争较小、不存在内部控制缺陷的企业中更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： 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. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance

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