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Structural design and performance analysis of China’s Local Government Financing Vehicles
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作者 Liang Guo Erzhuo Liu Ya Dai 《Economic and Political Studies》 2020年第2期203-223,共21页
In this paper,we investigate the reasons for the establishment and operation models of China’s Local Government Financing Vehicles(LGFVs).We also outline the current literature on the structural arrangement and the d... In this paper,we investigate the reasons for the establishment and operation models of China’s Local Government Financing Vehicles(LGFVs).We also outline the current literature on the structural arrangement and the developments of LGFVs.Moreover,we employ the empirical analysis to examine the driv-ing factors of the financial performance of LGFVs.Using 1,042 LGFVs that issued debt securities during the period 2011–2016,we find that the financial performance of LGFVs is positively asso-ciated with local tax revenues,local education levels,local saving deposits,and firm size but negatively associated with local gov-ernment spending and firm leverage ratios.Based on our empir-ical findings,we finally propose policy recommendations for the establishment of relevant investment and financing platforms. 展开更多
关键词 Local Government Financing Vehicles financial performance struc-tural design
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