Local Crowding‐Out in China
研究发现2006至2013年间，中国地方公共债务通过收紧融资约束挤出了私营企业投资，但对国企投资无影响，且私营企业投资减少在远离银行或更依赖外部融资的企业中更明显。
ABSTRACT In China, between 2006 and 2013, local public debt crowded out the investment of private firms by tightening their funding constraints while leaving state‐owned firms' investment unaffected. We establish this result using a purpose‐built data set for Chinese local public debt. Private firms invest less in cities with more public debt, with the reduction in investment larger for firms located farther from banks in other cities or more dependent on external funding. Moreover, in cities where public debt is high, private firms' investment is more sensitive to internal cash flow.