Political instability, access to private debt, and innovation investment in China

被引：74

作者：

Cumming, Douglas ^{[1
]}

Rui, Oliver ^{[2
]}

Wu, Yiping ^{[3
]}

机构：

[1] York Univ, Schulich Sch Business, 4700 Keele St, Toronto, ON M3J 1P7, Canada

[2] China Europe Int Business Sch, 699 Hongfeng Rd, Shanghai, Peoples R China

[3] Shanghai Univ Finance & Econ, Sch Publ Econ & Adm, 777 Guoding Rd, Shanghai, Peoples R China

来源：

EMERGING MARKETS REVIEW | 2016年 / 29卷

关键词：

Political instability; Private debt; Innovation; China; PROPERTY-RIGHTS; PERFORMANCE; TRANSITION; TURNOVER;

D O I：

10.1016/j.ememar.2016.08.013

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We provide evidence from China that access to loans positively affects the probability that a firm will invest in innovation. However, the positive effect of private debt on innovation investment is significantly moderated by political instability. The cost of political instability on innovation is less severe when the entrepreneur has political connections to party leaders. Furthermore, we show that political connections increase the probability that an entrepreneur has access to direct governmental support for innovation investment. These findings are more. pronounced for technology intensive industries. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：68 / 81

页数：14

共 50 条

[11] POLITICAL ECONOMY OF PRIVATE INVESTMENT IN NIGERIA
EKUNDARE, RO
JOURNAL OF MODERN AFRICAN STUDIES, 1972, 10 (01): : 37 - 56
[12] Income distribution, political instability, and investment
Alesina, A
Perotti, R
EUROPEAN ECONOMIC REVIEW, 1996, 40 (06) : 1203 - 1228
[13] Entrepreneurs’ resource background, innovation, philanthropy and the exit of external Investment in Private Ventures in China
Jintong Tang
Zhi Tang
Renhong Zhu
Xinchun Li
Asia Pacific Journal of Management, 2021, 38 : 467 - 489
[14] Work Experience of Private Entrepreneurs in SOEs and Enterprise Innovation Investment: Evidence from China
Yuan, Dongliang
Shang, Duo
Qin, Rong
Pan, Lijun
EMERGING MARKETS FINANCE AND TRADE, 2024, 60 (10) : 2147 - 2159
[15] Entrepreneurs' resource background, innovation, philanthropy and the exit of external Investment in Private Ventures in China
Tang, Jintong
Tang, Zhi
Zhu, Renhong
Li, Xinchun
ASIA PACIFIC JOURNAL OF MANAGEMENT, 2021, 38 (02) : 467 - 489
[16] China's anti-corruption campaign, political connections and private firms' debt financing
Hu, Yiming
Xu, Mingxia
CHINA FINANCE REVIEW INTERNATIONAL, 2019, 9 (04) : 521 - 553
[17] Political connections and labor investment efficiency: Evidence from China's private firms
Zhou, Bole
Ge, Jing
Ge, Pengfei
ECONOMICS & POLITICS, 2023, 35 (03) : 696 - 717
[18] The Asymmetric Link between Public Debt and Private Investment in Malaysia
Lau, Siew Yee
Tan, Ai Lian
Liew, Chung Yee
MALAYSIAN JOURNAL OF ECONOMIC STUDIES, 2019, 56 (02) : 327 - 342
[19] The Effect of the Public Domestic Debt on the Private Investment Expenditures in Turkey
Taban, Sami
Kara, Akif
ESKISEHIR OSMANGAZI UNIVERSITESI IIBF DERGISI-ESKISEHIR OSMANGAZI UNIVERSITY JOURNAL OF ECONOMICS AND ADMINISTRATIVE SCIENCES, 2006, 1 (02): : 11 - +
[20] The impact of private sector energy investment, innovation and energy consumption on China's carbon emissions
Jiemin, Huang
Chen, Wen
RENEWABLE ENERGY, 2022, 195 : 1291 - 1299

← 1 2 3 4 5 →