Research on the Impact of Local Public Debt on Enterprise Investment Structure
The paper studies the impact of local public debt on the investment structure of enterprises. Specifically, this paper selects the local public debt data at the prefecture-level and the financial data of Shanghai and Shenzhen A-share listed companies from 2007 to 2015 as research samples. Based on t...
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| Format: | Article |
| Language: | English |
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EDP Sciences
2023-01-01
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| Series: | SHS Web of Conferences |
| Online Access: | https://www.shs-conferences.org/articles/shsconf/pdf/2023/12/shsconf_icssed2023_01013.pdf |
| _version_ | 1797835173452054528 |
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| author | Yu Ying |
| author_facet | Yu Ying |
| author_sort | Yu Ying |
| collection | DOAJ |
| description | The paper studies the impact of local public debt on the investment structure of enterprises. Specifically, this paper selects the local public debt data at the prefecture-level and the financial data of Shanghai and Shenzhen A-share listed companies from 2007 to 2015 as research samples. Based on the tax burden theory and financing constraint theory, using the fixed effect model of panel data, empirically tests the impact of local public debt on enterprise investment structure. The research shows that the expansion of local public debt will increase the investment in fixed assets of state-owned enterprises and decrease the investment in financial assets; the investment in fixed assets of private enterprises will decrease and the investment in financial assets will increase. Therefore, the impact of local public debt should be managed according to the classification of different enterprises. |
| first_indexed | 2024-04-09T14:50:04Z |
| format | Article |
| id | doaj.art-86392d4c6cf244cd8ae374a4b0ccdb9b |
| institution | Directory Open Access Journal |
| issn | 2261-2424 |
| language | English |
| last_indexed | 2024-04-09T14:50:04Z |
| publishDate | 2023-01-01 |
| publisher | EDP Sciences |
| record_format | Article |
| series | SHS Web of Conferences |
| spelling | doaj.art-86392d4c6cf244cd8ae374a4b0ccdb9b2023-05-02T09:41:59ZengEDP SciencesSHS Web of Conferences2261-24242023-01-011630101310.1051/shsconf/202316301013shsconf_icssed2023_01013Research on the Impact of Local Public Debt on Enterprise Investment StructureYu Ying0Xiangtan University Business SchoolThe paper studies the impact of local public debt on the investment structure of enterprises. Specifically, this paper selects the local public debt data at the prefecture-level and the financial data of Shanghai and Shenzhen A-share listed companies from 2007 to 2015 as research samples. Based on the tax burden theory and financing constraint theory, using the fixed effect model of panel data, empirically tests the impact of local public debt on enterprise investment structure. The research shows that the expansion of local public debt will increase the investment in fixed assets of state-owned enterprises and decrease the investment in financial assets; the investment in fixed assets of private enterprises will decrease and the investment in financial assets will increase. Therefore, the impact of local public debt should be managed according to the classification of different enterprises.https://www.shs-conferences.org/articles/shsconf/pdf/2023/12/shsconf_icssed2023_01013.pdf |
| spellingShingle | Yu Ying Research on the Impact of Local Public Debt on Enterprise Investment Structure SHS Web of Conferences |
| title | Research on the Impact of Local Public Debt on Enterprise Investment Structure |
| title_full | Research on the Impact of Local Public Debt on Enterprise Investment Structure |
| title_fullStr | Research on the Impact of Local Public Debt on Enterprise Investment Structure |
| title_full_unstemmed | Research on the Impact of Local Public Debt on Enterprise Investment Structure |
| title_short | Research on the Impact of Local Public Debt on Enterprise Investment Structure |
| title_sort | research on the impact of local public debt on enterprise investment structure |
| url | https://www.shs-conferences.org/articles/shsconf/pdf/2023/12/shsconf_icssed2023_01013.pdf |
| work_keys_str_mv | AT yuying researchontheimpactoflocalpublicdebtonenterpriseinvestmentstructure |