سال انتشار:

2018

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عنوان انگلیسی مقاله:

Chinas “Mercantilist” Government Subsidies, the Cost of Debt and Firm Performance

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ترجمه فارسی عنوان مقاله:

کمک های مالی توازن اقتصادی دولت چین، هزینه بدهی و عملکرد شرکتی

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منبع:

Journal of Banking & Finance Volume 86, January 2018, Pages 37-52

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نویسنده:

Chu Yeong Lim, Jiwei Wang, Cheng (Colin) Zeng

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چکیده انگلیسی:

China has been adopting a “mercantilist” policy by lavishing massive government subsidies on Chinese firms. Using hand-collected subsidy data on Chinese listed companies, we find that firms receiving more subsidies tend to have a lower cost of debt. However, such firms fail to have superior financial performance. Instead, firms with more subsidies tend to be overstaffed, which demonstrates higher social performance. These results are mainly driven by non-tax-based subsidies rather than tax-based subsidies. Overall, our results suggest that the Chinese government uses non-tax-based subsidies to achieve its social policy objectives at the expense of firms’ profitability.
keywords: Government subsidies| Cost of debt| Firm performance

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قیمت: رایگان

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توضیحات اضافی: نظر

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