Fiscal Decentralization, Government Intervention and Capital Allocation

摘要：

On the basis of listed companies data between 2001 and 2007, this paper investigates the influences of fiscal decentralization and government intervention on capital allocation. We find that in regions with less adequate fiscal decentralization or smaller increasing rates of GDP and fiscal revenues, the local governments intervene more on the capital allocation of banks, and the local government-owned companies and private companies in those areas can more easily get long-term debts from banks. Our conclusions show that one critical factor influencing Chinas bank capital allocation is the promotion incentive mechanism for local officials characterized by fiscal decentralization and performance measured by GDP growth.

作者: Zhongsheng ZHOU

作者单位: School of Business, Soochow University, Suzhou, China

会议类型: 国际会议

会议名称: The Fourth International Institute of Statistics & Management Engineering Symposium(第四届(2011)国际统计与管理工程研讨会 IISMES 2011)

会议地点: 大连

会议语种:英文

页码: 279-282

在线出版日期: 2011-07-24（万方平台首次上网日期，不代表论文的发表时间）