Financial effect of long-term policy equity injection: evidence from special construction funds in China

References

• Abidi, N., and I. Miquel-Flores. 2018. “Who Benefits from the Corporate QE? a Regression Discontinuity Design Approach.” SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2914911
   Google Scholar
• Altman, E. I. 2013. Predicting Financial Distress of Companies: Revisiting the Z-Score and ZETA Models. Handbook of research methods and applications in empirical finance. 428–456. UK: Edward Elgar Publishing Limited.
   Google Scholar
• Aretz, K., M. Campello, and M. T. Marchica. 2020. “Access to Collateral and the Democratization of Credit: France’s Reform of the Napoleonic Security Code.” The Journal of Finance 75 (1): 45–90. doi:10.1111/jofi.12846.
   Web of Science ®Google Scholar
• Bach, L. 2014. “Are Small Businesses Worthy of Financial Aid? Evidence from a French Targeted Credit Program.” Review of Finance 18 (3): 877–919.
   Web of Science ®Google Scholar
• Berger, A. N., and R. A. Roman. 2015. “Did Tarp Banks Get Competitive Advantages?” Journal of Financial and Quantitative Analysis 50 (6): 1199–1236.
   Web of Science ®Google Scholar
• Berger, A. N. 2018. “The Benefits and Costs of the TARP Bailouts: A Critical Assessment.” Quarterly Journal of Finance 8 (2): 1850011.
   Web of Science ®Google Scholar
• Berger, A. N., T. Makaew, and R. A. Roman. 2019. “Do Business Borrowers Benefit from Bank Bailouts?: The Effects of Tarp on Loan Contract Terms.” Financial Management 48 (2): 575–639.
   Web of Science ®Google Scholar
• Bersch, J., H. Degryse, T. Kick, and I. Stein. 2020. ”The Real Effects of Bank Distress: Evidence from Bank Bailouts in Germany”. Journal of Corporate Finance 60: 101521. doi:10.1016/j.jcorpfin.2019.101521.
   Web of Science ®Google Scholar
• Bleakley, H., and K. Cowan. 2010. “Maturity Mismatch and Financial Crises: Evidence from Emerging Market Corporations.” Journal of Development Economics 93 (2): 189–205. doi:10.1016/j.jdeveco.2009.09.007.
   Web of Science ®Google Scholar
• Boycko, M., A. Shleifer, and R. W. Vishny. 1996. “A Theory of Privatization.” The Economic Journal 106 (435): 309–319. doi:10.2307/2235248.
   Web of Science ®Google Scholar
• Brown, J. R., G. Martinsson, and C. Thomann. 2021. “Government Lending in a Crisis.” Journal of Corporate Finance 71: 102116. doi:10.1016/j.jcorpfin.2021.102116.
   Web of Science ®Google Scholar
• Brunnermeier, M. K. 2009. “Deciphering the Liquidity and Credit Crunch 2007-2008.” Journal of Economic Perspectives 23 (1): 77–100.
   PubMed Web of Science ®Google Scholar
• Cavalcanti, T., and P. H. Vaz. 2017. “Access to Long-Term Credit and Productivity of Small and Medium Firms: A Causal Evidence.” Economics Letters 150: 21–25. doi:10.1016/j.econlet.2016.10.043.
   Web of Science ®Google Scholar
• Chang, Y. K., R. K. Chou, and T. H. Huang. 2014. “Corporate Governance and the Dynamics of Capital Structure: New Evidence.” Journal of Banking & Finance 48: 374–385. doi:10.1016/j.jbankfin.2014.04.026.
   Web of Science ®Google Scholar
• Chen, Y. J., P. Li, and Y. Lu. 2018. “Career Concerns and Multitasking Local Bureaucrats: Evidence of a Target-Based Performance Evaluation System in China.” Journal of Development Economics 133: 84–101. doi:10.1016/j.jdeveco.2018.02.001.
   Web of Science ®Google Scholar
• Cong, L. W., H. Gao, and J. Ponticelli, and X. Yang. 2019. ”Credit Allocation Under Economic Stimulus: Evidence from China.” The Review of Financial Studies 32 (9): 3412–3460. doi:10.1093/rfs/hhz008.
   Web of Science ®Google Scholar
• Cook, D. O., and T. Tang. 2010. “Macroeconomic Conditions and Capital Structure Adjustment Speed.” Journal of Corporate Finance 16 (1): 73–87. doi:10.1016/j.jcorpfin.2009.02.003.
   Web of Science ®Google Scholar
• Duchin, R., and D. Sosyura. 2014. “Safer Ratios, Riskier Portfolios: Banks’ Response to Government Aid.” Journal of Financial Economics 113 (1): 1–28. doi:10.1016/j.jfineco.2014.03.005.
   Web of Science ®Google Scholar
• Faccio, M. 2006. “Politically Connected Firms.” The American Economic Review 96 (1): 369–386.
   Web of Science ®Google Scholar
• Faulkender, M., M. J. Flannery, K. W. Hankins, and J. M. Smith. 2012. ”Cash Flows and Leverage Adjustments.” Journal of Financial Economics 103 (3): 632–646. doi:10.1016/j.jfineco.2011.10.013.
   Web of Science ®Google Scholar
• Flammer, C., and I. Ioannou. 2021. “Strategic management during the financial crisis: How firms adjust their strategic investments in response to credit market disruptions.” Strategic Management Journal 42 (7): 1275–1298 doi:10.1002/smj.3265 .
   Web of Science ®Google Scholar
• Flannery, M. J., and K. P. Rangan. 2006. “Partial Adjustment Toward Target Capital Structures.” Journal of Financial Economics 79 (3): 469–506. doi:10.1016/j.jfineco.2005.03.004.
   Web of Science ®Google Scholar
• Giné, X., and M. Kanz. 2018. “The Economic Effects of a Borrower Bailout: Evidence from an Emerging Market.” The Review of Financial Studies 31 (5): 1752–1783. doi:10.1093/rfs/hhx073.
   Web of Science ®Google Scholar
• Harford, J., A. Kecskés, and S. Mansi. 2018. “Do Long-Term Investors Improve Corporate Decision Making.” Journal of Corporate Finance 50: 424–452. doi:10.1016/j.jcorpfin.2017.09.022.
   Web of Science ®Google Scholar
• Horvath, A., and P. Lang. 2021. “Do Loan Subsidies Boost the Real Activity of Small Firms?” Journal of Banking & Finance 122: 105988.
   Web of Science ®Google Scholar
• Hoshi, T., and A. K. Kashyap. 2010. “Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan.” Journal of Financial Economics 97 (3): 398–417.
   Web of Science ®Google Scholar
• Huang, R., and J. R. Ritter. 2009. “Testing Theories of Capital Structure and Estimating the Speed of Adjustment.” The Journal of Financial and Quantitative Analysis 44 (2): 237–271. doi:10.1017/S0022109009090152.
   Web of Science ®Google Scholar
• Johansson, A. C., and X. Feng. 2016. “The State Advances, the Private Sector Retreats? Firm Effects of China’s Great Stimulus Programme.” Cambridge Journal of Economics 40 (6): 1635–1668.
   Web of Science ®Google Scholar
• Kahl, M., A. Shivdasani, and Y. H. Wang. 2015. “Short-Term Debt as Bridge Financing: Evidence from the Commercial Paper Market.” The Journal of Finance 70 (1): 211–255. doi:10.1111/jofi.12216.
   Web of Science ®Google Scholar
• Keeley, M. C. 1990. “Deposit Insurance, Risk, and Market Power in Banking.” The American Economic Review 80 (5): 1183–1200.
   Web of Science ®Google Scholar
• Lee, C.-C., C.-W. Wang, and S.-J. Ho. 2022. “Financial Aid and Financial Inclusion: Does Risk Uncertainty Matter?” Pacific-Basin Finance Journal 71: 101700.
   Web of Science ®Google Scholar
• Lim, C. Y., J. Wang, and C. C. Zeng. 2018. “China’s “Mercantilist” Government Subsidies, the Cost of Debt and Firm Performance.” Journal of Banking & Finance 86: 37–52.
   Web of Science ®Google Scholar
• Liu, Q., X. Pan, and G. G. Tian. 2018. “To What Extent Did the Economic Stimulus Package Influence Bank Lending and Corporate Investment Decisions? Evidence from China.” Journal of Banking & Finance 86: 177–193.
   Web of Science ®Google Scholar
• Maruta, A. A. 2019. “Can Aid for Financial Sector Buy Financial Development?” Journal of Macroeconomics 62: 103075.
   Web of Science ®Google Scholar
• Ru, H. 2018. “Government Credit, a Double‐edged Sword: Evidence from the China Development Bank.” The Journal of Finance 73 (1): 275–316.
   Web of Science ®Google Scholar
• Sorge, M., C. Zhang, and K. Koufopoulos. 2017. “Short‐term Corporate Debt Around the World.” Journal of Money, Credit, and Banking 49 (5): 997–1029.
   Web of Science ®Google Scholar
• Tan, B., D. Igan, M. S. M. Peria, N. Pierri, and A. F. Presbitero. 2021. ”Government Intervention and Bank Markups: Lessons from the Global Financial Crisis for the Covid-19 Crisis”. Journal of Banking & Finance 133: 106320. doi:10.1016/j.jbankfin.2021.106320.
   PubMed Web of Science ®Google Scholar
• Todorov, K. 2020. “Quantify the Quantitative Easing: Impact on Bonds and Corporate Debt Issuance.” Journal of Financial Economics 135 (2): 340–358. doi:10.1016/j.jfineco.2019.08.003.
   Web of Science ®Google Scholar
• Ullrich, K. 2008. “Inflation Expectations of Experts and ECB Communication.” North American Journal of Economics and Finance 19 (1): 93–108.
   Web of Science ®Google Scholar
• van Bekkum, S. 2016. “Ireland’s 2010 EU/IMF Intervention: Costs and Benefits.” Journal of Banking & Finance 72: 175–183. doi:10.1016/j.jbankfin.2014.12.025.
   Web of Science ®Google Scholar
• Zheng, Y., and Y. Zhu. 2013. “Bank Lending Incentives and Firm Investment Decisions in China.” Journal of Multinational Financial Management 23 (3): 146–165. doi:10.1016/j.mulfin.2013.03.004.
   Google Scholar