Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and i...Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and institutional and financial environments.It is found that(1)when liquidity tightens,the private enterprises face stricter credit constraints than SOEs,which restricts the development of private enterprise;(2)when liquidity becomes abundant,private enterprises face fewer financial limitations and grow much faster than SOEs;(3)the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007.These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments,which weaken the effects of liquidity shocks on firm growth.展开更多
There is no consensus on the impact of population aging on education investment.To explore this question,we first build an overlapping generations(OLG)model to theoretically analyze the effect of population aging on h...There is no consensus on the impact of population aging on education investment.To explore this question,we first build an overlapping generations(OLG)model to theoretically analyze the effect of population aging on human capital investment in China,and then test our theory by conducting an empirical study based on micro household data.We find the following.(1)Theoretically,the OLG model shows that population aging has a crowding-out effect on education investment.(2)Empirically,the results show that the share of education and training expenditures decreases by 5.27 percentage points as the ratio of old people in the household increases by 100 percentage points,which confirms the crowding-out effect of population aging on human capital investment.(3)The crowding-out effect is far more intense on urban households than on rural households since health care expenditures will be greater in urban areas as population aging increases.(4)A quantile regression indicates that the negative effect of population aging on the share of educational expenditure is concentrated in households with higher shares of education expenditures.We confirm the robustness of our results using regional fixed effect and instrumental variable(Ⅳ)regressions.展开更多
基金support from the National Social Science Foundation of China(Project Number:17ZDA049,18VSJ070)the Natural Science Foundation of China(Project Number:71773071,71703066,71703088)Shanghai Pujiang Program(Project Number:16PJC034,17PJC045).The editors'and referees'constructive comments and kind work for the paper is also gratefully acknowledged.The authors accept responsibility for remaining errors.
文摘Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and institutional and financial environments.It is found that(1)when liquidity tightens,the private enterprises face stricter credit constraints than SOEs,which restricts the development of private enterprise;(2)when liquidity becomes abundant,private enterprises face fewer financial limitations and grow much faster than SOEs;(3)the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007.These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments,which weaken the effects of liquidity shocks on firm growth.
基金The authors gratefully acknowledge financial support from the National Social Science Foundation of China(No.17ZDA049),the Natural Science Foundation of Does Population Aging Hinder the Accumulation of Human Capital? China(No.71773071,71973097),the 2019 Shanghai Philosophy and Social Science Planning Education Youth Project(No.B1903),the Shanghai Pujiang Program(No.16PJC034),and the Shanghai Business School Venus Project(No.18KY-PQMX-03).The editors’and referees’constructive comments for the paper are also gratefully acknowledged.
文摘There is no consensus on the impact of population aging on education investment.To explore this question,we first build an overlapping generations(OLG)model to theoretically analyze the effect of population aging on human capital investment in China,and then test our theory by conducting an empirical study based on micro household data.We find the following.(1)Theoretically,the OLG model shows that population aging has a crowding-out effect on education investment.(2)Empirically,the results show that the share of education and training expenditures decreases by 5.27 percentage points as the ratio of old people in the household increases by 100 percentage points,which confirms the crowding-out effect of population aging on human capital investment.(3)The crowding-out effect is far more intense on urban households than on rural households since health care expenditures will be greater in urban areas as population aging increases.(4)A quantile regression indicates that the negative effect of population aging on the share of educational expenditure is concentrated in households with higher shares of education expenditures.We confirm the robustness of our results using regional fixed effect and instrumental variable(Ⅳ)regressions.
