Fiscal monitoring and corporate investment
研究发现，州级政府对地方政府的财政监控会促使企业增加资本支出和研发支出，企业通过减少股票回购和发行债务来融资，且投资增加源于地方腐败减少。
Abstract Does state fiscal monitoring of local governments impact firms? Exploiting the staggered adoption of state fiscal monitoring policies, our results show that state fiscal monitoring of local governments increases corporate investment. Affected firms increase their investment by increasing capital expenditures as well as research and development expenditures. Additional analyses reveal that firms fund this increase in investment by decreasing share repurchases and issuing debt. We also provide evidence that the increase in corporate investment is driven by a reduction in local corruption.