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.
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页码：68 / 81
页数：14
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