Abstract:
Based on the production based asset pricing model (PCAPM), we propose a theoretical model to investigate how the government investment will affect the financing costs of listed firms, we show that the government investment will affect the output capital ratio, and then affect the financing costs of firms. With the 1999-2013 provincial panel data, we find empirically that the local government investment has reduced the output capital ratio, and then reduced the financing costs.
陈国进, 尹鲁晋, 赵向琴. 地方政府投资如何影响上市公司融资成本？[J]. 金融研究, 2016, 434(8): 127-142.
CHEN Guojin, YIN Lujin, ZHAO Xiangqin. How Does the Local Government Investment Affect the Financing Cost of Listed Firms?. Journal of Financial Research, 2016, 434(8): 127-142.
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