The Impact of Borrowing Debt on the Efficiency Loss of Municipal Infrastructure Investment and Construction

被引：0
|
作者：
Li, Xiaojie [1 ]
Li, Hao [1 ]
Qiu, Fei [1 ]
机构：
[1] Zhejiang Wanli Univ, Ningbo 315100, Zhejiang, Peoples R China
来源：
DISCRETE DYNAMICS IN NATURE AND SOCIETY | 2023年 / 2023卷
关键词：
CORPORATE; CONSTRAINTS; FINANCE;
D O I：
10.1155/2023/7638503
中图分类号：
O1 [数学];
学科分类号：
0701 ; 070101 ;
摘要：
Borrowing debt has impacted on the financing effect and governance effect of investment entities. Borrowing debt has become an important financing channel for the investment and construction of municipal infrastructure in China. In this paper, panel data from 2003 to 2018 in cities above the prefecture level in China are used to study the impact of borrowing debt on the efficiency loss of municipal infrastructure investment and construction. First, the results indicate that financing constraints have a greater impact than agency costs for the investment and construction of municipal infrastructure in China. Second, borrowing debt can effectively reduce the efficiency loss of municipal infrastructure investment and construction due to financing constraints. Third, the governance effect of borrowing debt is not very positive, but the rigid repayment of debt and interest to international banks will play some positive governance effects in the later stage.
引用
收藏
页数：12
相关论文
共 50 条
  • [1] The Impact of Financing Constraints on the Efficiency of Investment and Construction: Evidence from Municipal Infrastructure in China
    Li, Xiaojie
    Li, Hao
    Qiu, Fei
    SAGE OPEN, 2024, 14 (02):
  • [2] Private Placements and the Cost of Borrowing in the Municipal Debt Market
    Moldogaziev, Tima T.
    Greer, Robert A.
    Lee, Jekyung
    PUBLIC BUDGETING AND FINANCE, 2019, 39 (03): : 44 - 74
  • [3] China's municipal public infrastructure: Estimating construction levels and investment efficiency using the entropy method and a DEA model
    Liu, Qianqian
    Wang, Shaojian
    Zhang, Wenzhong
    Li, Jiaming
    Zhao, Yabo
    Li, Wan
    HABITAT INTERNATIONAL, 2017, 64 : 59 - 70
  • [4] Borrowing to Save? The Impact of Automatic Enrollment on Debt
    Beshears, John
    Choi, James J.
    Laibson, David
    Madrian, Brigitte C.
    Skimmyhorn, William L.
    JOURNAL OF FINANCE, 2022, 77 (01): : 403 - 447
  • [5] Regional infrastructure investment and efficiency
    Matas, Anna
    Raymond, Josep-Lluis
    Ruiz, Adriana
    REGIONAL STUDIES, 2018, 52 (12) : 1684 - 1694
  • [6] The impact of debt financing on investment
    Zhu, Lei
    2009 SECOND INTERNATIONAL CONFERENCE ON FUTURE INFORMATION TECHNOLOGY AND MANAGEMENT ENGINEERING, FITME 2009, 2009, : 463 - 466
  • [7] The impact of term limits on municipal borrowing costs
    Abakah, Alex Annan
    GLOBAL FINANCE JOURNAL, 2023, 56
  • [8] The Impact of Government Integrity on Investment Efficiency in Regional Transportation Infrastructure in China
    Liu, Qiongzhi
    Luo, Chan
    SUSTAINABILITY, 2019, 11 (23)
  • [9] Effects of public debt on public infrastructure investment in Ghana
    Frimpong, Benjamin
    Fumey, Abel
    Nketiah-Amponsah, Edward
    COGENT ECONOMICS & FINANCE, 2024, 12 (01):
  • [10] EXPLAINING GAPS IN INFRASTRUCTURE INVESTMENT BY MUNICIPAL GOVERNMENTS IN AUSTRALIA
    Simmons, Phil
    Dollery, Brian
    SINGAPORE ECONOMIC REVIEW, 2023, 68 (02): : 457 - 466
12345