产权、政治关系和企业投资

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2023-10-06 DOI:10.1093/rof/rfad029

Meng Miao, Dragon Yongjun Tang, L. Colin Xu

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引用次数: 0

摘要

摘要本文以深圳为研究对象，研究了城市土地出让制度对企业投资的影响。我们发现，该计划提高了头衔企业的投资率，但这种正效应仅对有政治关系的企业有效。进一步的分析表明，所有权效应对于那些与更大的征用风险相关的所有权公司更为明显。在项目实施期间，关联产权公司增加了投资，这可能是因为，正如所观察到的，它们比非关联产权公司经历的纠纷更少。

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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Property Rights, Political Connections, and Corporate Investment

Abstract We study the impact of an urban land titling program on firm investment in Shenzhen, China. We find that this program increased the investment rate for titling firms, but this positive effect only holds for politically connected firms. Further analysis suggests that the titling effect is more pronounced for those titling firms associated with greater expropriation risk. During program implementation, the connected titling firms increased their investment perhaps because, as observed, they experienced fewer disputes than non-connected titling firms.

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.