Keywords
industrial policy, sources of debt financing, formal financial financing, commercial credit
Abstract
The article uses 33 154 A-share annual observation samples from 2000 to 2018 as the research object, and examines the impact of government macro-control on the source of micro-enterprise debt financing from the perspective of industrial policy.Heterogeneity analysis was carried out based on the strength of industrial policy support,the nature of property rights and the degree of marketization.The research conclusion shows that industrial policy can have an important impact on the source of listed company debt financing.Compared with listed company that is not supported by industrial policies,listed company that is supported by industrial policies have more formal financial financing and less non-formal financial financing.The above-mentioned effects are more prominent in the context of stronger industrial policy support,state-owned enterprises and lower marketization of financial.The article expands the literature system of government macro-control that affects listed company behavior,and helps academics and practitioners to understand the transmission mechanism of industrial policies affecting the real economy.
DOI
10.16315/j.stm.2020.03.012
Recommended Citation
KONG, Ling-wen and LI, Yan-xi
(2020)
"Government macro regulation and sources of listed company debt finaneing,"
Journal of Science and Technology Management: Vol. 22:
Iss.
3, Article 5.
DOI: 10.16315/j.stm.2020.03.012
Available at:
https://jstm.researchcommons.org/journal/vol22/iss3/5
