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| How Does the Local Government Investment Affect the Financing Cost of Listed Firms? |
| CHEN Guojin, YIN Lujin, ZHAO Xiangqin
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| WISE &SOE,Xiamen University |
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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.
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Received: 17 November 2015
Published: 01 January 1900
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