期刊
JOURNAL OF BANKING & FINANCE
卷 86, 期 -, 页码 37-52出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jbankfin.2017.09.004
关键词
Government subsidies; Cost of debt; Firm performance
China has been adopting a mercantilist policy by lavishing massive government subsidies on Chinese firms. Using hand-collected subsidy data on Chinese listed companies, we find that firms receiving more subsidies tend to have a lower cost of debt. However, such firms fail to have superior financial performance. Instead, firms with more subsidies tend to be overstaffed, which demonstrates higher social performance. These results are mainly driven by non-tax-based subsidies rather than tax-based subsidies. Overall, our results suggest that the Chinese government uses non-tax-based subsidies to achieve its social policy objectives at the expense of firms' profitability. (C) 2017 Elsevier B.V. All rights reserved.
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