Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/241779 
Erscheinungsjahr: 
2018
Quellenangabe: 
[Journal:] China Journal of Accounting Research [ISSN:] 1755-3091 [Volume:] 11 [Issue:] 3 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2018 [Pages:] 233-254
Verlag: 
Elsevier, Amsterdam
Zusammenfassung: 
This study examines how the relationships between local governments and local enterprises moderate the effect of targeted monetary policies through different action-propagating mechanisms. First, we investigate the impact of monetary policies on enterprise investment in areas with different institutional environments. Second, we investigate the impact of monetary policies on state-owned enterprises (SOEs) with different property rights structures. Third, we examine how political connections can influence the action-propagating mechanism of monetary policies. We conclude that in China monetary policies have different effects on SOEs and on private enterprises with or without political connections. Specifically, local government interventions can significantly weaken and distort the effects of monetary policies, such that the intended reduction in investment is noticeably alleviated for SOEs and private enterprises with close links to local governments.
Schlagwörter: 
Monetary policy
Government intervention
Nature of property rights
Political connection
Capital investment
JEL: 
E52
G31
M40
Persistent Identifier der Erstveröffentlichung: 
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