Debt structure, economic stimulus and firm investment efficiency
研究中国企业在2009-2010年经济刺激计划期间，短期债务（尤其是贸易信贷）如何提升投资效率，并持续到刺激后时期，对理解信贷扩张的微观效果有参考价值。
Abstract We demonstrate that, in China, firm investment efficiency gains are associated with the use of short‐term debt, especially its trade credit component. During the 2009–2010 economic stimulus plan, such effects were heightened and generally remained persistent in the 2011–2013 poststimulus period. Our findings support the view that the rollover pressure of short‐maturity debt and the information advantage of supply chain financing are both effective mechanisms for enhancing firm governance in an environment more susceptible to financial market incompleteness. Consequently, the enormous credit boost during the stimulus plan was more efficiently invested when channelled through firms' supply chains.