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ID:
178484
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| Summary/Abstract |
Using data on firms listed on Chinese A-share markets from 2009 to 2017, this paper applies the difference-in-difference model to test the effect of trade facilitation on preventing the formation of zombie firms. We find that the China Railway Express (CRE) significantly prevented the formation of such firms. Mechanism tests show: (i) the CRE has accelerated the speed of sales, which increased the overseas sales revenue of firms; (ii) the economies of scale and the capital accumulation effect caused by the CRE can help increase firms’ solvency and development ability. Heterogeneity analysis indicates that the effect of the CRE on preventing the formation of zombie firms is mainly reflected in non-state-owned firms, firms in highly competitive industries, and firms in the eastern region of China. We suggest that China should continue to promote trade facilitation by expanding the CRE and strengthening the market's dominant role in preventing the formation of zombie firms. Disadvantaged firms should seize the development opportunities brought by the CRE.
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| 2 |
ID:
186957
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| Summary/Abstract |
This study uses the difference-in-differences method to test the impact of a high-speed rail (HSR) service on the issuance of municipal corporate bonds (MCB) based on panel data for prefecture-level cities in China from 2003 to 2016. The study has three findings. First, HSR increased the scale of the issuance of MCB significantly. After conducting a series of robustness tests, the above conclusion remained robust. Second, HSR affected the issuance of MCB by increasing the city's financing demands and improving the c ity's financing capacity. Third, the effect of HSR on the issuance of MCB varied from city to city. Specifically, the promotion of the opening of HSR to the issuance of MCB was concentrated in remote and fast growing cities. High-speed rail can also effectively reduce the cost and shrink credit spreads of the MCB. This paper shows that it is necessary to further optimize the layout of HSR, release and exploit the financial resource reallocation effect of HSR, and provide financial support to the high-quality development of cities.
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